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P10.10A On July 1, 2021, Global Satellites Corporation issued $1.5 million of 10-year, 7% bonds to yield a market interest rate of 6%. The bonds
P10.10A On July 1, 2021, Global Satellites Corporation issued $1.5 million of 10-year, 7% bonds to yield a market interest rate of 6%. The bonds pay semi-annual interest on July 1 and January 1. Global has a December 31 year end and records adjusting entries annually. Global received $1,611,587 when issuing the bonds. Instructions a) Prepare an amortization table through January 1, 2023 (three interest periods) for this bond issue. Round all amounts to the nearest dollar. b) Record the issue of the bonds on July 1, 2021. c) Prepare the adjusting entry on December 31, 2021, to accrue the interest on the bonds. d) Show the statement of financial position presentation of the liabilities at December 31, 2021. e) Record the payment of interest on January 1, 2022, and July 1, 2022. f) Redo part (c) above assuming the company's year end was November 30, 2021. g) Redo the entry for the payment of interest on January 1, 2022, from part (e) assuming that the company recorded the adjusting entry in part (f)
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