please answer the two separate questions below
Question 1)
'_-_'.v..V.v . . . v View Policies Current Attempt in Progress On September 1, 2021, Blossom Corporation issued $520,000 of10-year,3% bonds at 95. Interest is payable semi- annually on September 1 and March 1. Blossom's scal year end is February 28. Is the market rate of interest higher or lower than 3%? Market interest rate is than 3%. eTextbook and Media List of Accounts Record the issue ofthe bonds on September 1,2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Amounttles and Explanation Debit cI-edi (T 0 record issuance of bonds.) Record the accrual of interest on February 28, 2022, assuming the semi-annual amortization amount for this interest period is $882. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credi Feb. 28 (To accrue interest expense.) eTextbook and Media List of Accounts Record the payment of interest on March 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credi Mar. 1 (To record interest payment.)On January 1, 2021, Sandhill Satellites issued $1,290,000, 10-year bonds. The bonds pay semi-annual interest on July 1 and January 1, and Sandhill has a December 31 year end. A partial bond amortization schedule is presented below: Semi-Annual Interest Interest Bond Interest Period Payment Expense Amortization Amortized Cost Jan. 1, 2021 $1,198,330 July 1, 2021 $ [1] $ [2] $3,242 1,201,572 Jan. 1, 2022 38,700 42,055 3,355 1,204,927 July 1, 2022 38,700 42,172 [3] 1,208,399 Jan. 1, 2023 38,700 42,294 [4] [5] July 1, 2023 38,700 42,420 3,720 1,215,713 Jan. 1, 2024 38,700 42,550 3,850 1,219,563 Were the bonds issued at a premium or a discount? eTextbook and Media List of Accounts What is the face value of the bonds? Face value of the bonds $ e Textbook and Media List of AccountsContractual rate of interest % eTextbook and Media List of Accounts Fill in the missing amounts for items [1] through [5]. Semi- Annual Interest Period Interest Payment Interest Expense Amorti: Jan. 1, 2021 July 1, $ [1] $ [2] 2021 Jan. 1, 38,700 42,055 2022 July 1, 38,700 42,172 [3] 2022 Jan. 1, 38,700 42,294 [4] 2023 July 1, 38,700 42,420 2023 Jan. 1, 38,700 42,550 2024 eTextbook and Media List of AccountsList of Accounts Fill in the missing amounts for items [1] through [5]. Interest Expense Amortization Bond Amortized Cost $1,198,330 2] $3,242 1,201,572 42,055 3,355 1,204,927 42,172 [3] 1,208,399 42,294 [4] [5] 42,420 3,720 1,215,713 42,550 3,850 1,219,563 eTextbook and Media List of Accounts What was the market interest rate when the bonds were issued? (Round answer to 0 decimal places, as. 52%.) What was the market interest rate when the bonds were issued? (Round answer to O decimal places, e.g. 52%.) Market interest rate % e Textbook and Media List of Accounts Record the issue of the bonds on January 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credi Jan. 1, 2021 (To record issuance of bonds.) e Textbook and MediaRecord the interest payment on July 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credi July 1, 2021 (To record interest payment.) eTextbook and Media List of Accounts Record the accrual of interest on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credi Dec. 31, 2021 (To accrue interest expense.) eTextbook and Media List of AccountsWhat amounts would be reported as current and non-current in the liabilities section of Sandhill's December 31, 2021, balance sheet? SANDHILL SATELLITES Balance Sheet (Partial) to e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit
