Please answer and correct everything that's wrong.
National Orthopedics Co. issued 8% bonds, dated January 1, with a face amount of $450,000 on January 1, 2018. The bonds mature on December 31, 2021 (4 years). For bonds of similar risk and maturity the market yield was 10%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds at January 1, 2018. 2. Prepare the journal entry to record their issuance by National on January 1, 2018. 3. Prepare an amortization schedule that determines interest at the effective rate each period. 4. Prepare the journal entry to record interest on June 30, 2018. 5. Prepare the appropriate journal entries at maturity on December 31, 2021. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Determine the price of the bonds at January 1, 2018. (Round final answers to the nearest whole dollar.) Table values are based on: n = 8 5.0% Cash Flow Amount Interest $ 450,000 Principal $ 18,000 Price of bonds $ Present Value 304,578 X 116,338 420,916 $ National Orthopedics Co. issued 8% bonds, dated January 1, with a face amount of $450,000 on January 1, 2018. The bonds mature on December 31, 2021 (4 years). For bonds of similar risk and maturity the market yield was 10%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds at January 1, 2018. 2. Prepare the journal entry to record their issuance by National on January 1, 2018. 3. Prepare an amortization schedule that determines interest at the effective rate each period. 4. Prepare the journal entry to record interest on June 30, 2018. 5. Prepare the appropriate journal entries at maturity on December 31, 2021. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare the journal entry to record their issuance by National on January 1, 2018. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round final answers to the nearest whole dollar.) No Credit Date General Journal January 01, 2018 Cash Discount on bonds payable Bonds payable Debit 420,916 29,084 450,000 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare an amortization schedule that determines interest at the effective rate each period. (Round final answers to the nearest whole dollar.) Semiannual Interest Period-End 01/01/2018 Cash Interest Bond Interest Expense Discount Amortization Carrying Value 06/30/2018 $ 1 $ $ 26,039 X 22,841 X 420,916 423,961 446,802 12/31/2018 06/30/2019 3,358 450,160 12/31/2019 3,526 453,686 18,000 18,000 18,000 18,000 18,000 18,000 18,000 18,000 144,000 21,046 21,198 21,358 21,526 21,702 21,887 22,082 2,643 153,442 3,702 457,388 06/30/2020 12/31/2020 06/30/2021 12/31/2021 3,887 461,275 4,082 465,357 450,000 (15,357) 52,078 Total $ $ $ Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare the journal entry to record interest on June 30, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollar.) General Journal Credit No 1 Date June 30, 2018 Debit 21,046 Interest expense Discount on bonds payable 3,046 18,000 Cash X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 ..------------ Prepare the appropriate journal entries at maturity on December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollar.) No Date General Journal Credit Debit 450,000 X 1 December 31, 202 Bonds payable Cash 450,000 X
