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Journalize issuance of the bond and the first semiannual interest payment under each of the three assumptions. The company amortizes bond premium and discount by the effective-interest amortization method. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries. Round your final answers to the nearest whole dollar.) Assumption 1. Seven-year bonds payable with face value of $85,000 and stated interest rate of 10%, paid semiannually. The market rate of interest is 10% at issuance. The present value of the bonds at issuance is $85,000. Journalize the issuance of the bonds when the market interest rate is 10%. Date Accounts Debit Credit * More Info Seven-year bonds payable with face value of $85,000 and stated interest rate of 10%, paid semiannually. The market rate of interest is 10% at issuance. The present value of the bonds at issuance is $85,000. Same bonds payable as in assumption 1, but the market interest rate is 12%. The present value of the bonds at issuance is $77,074. Same bonds payable as in assumption 1, but the market interest rate is 8%. The present value of the bonds at issuance is $93,938. Print Done On January 1, 2018, Nurses Credit Union (NCU) issued 8%, 20-year bonds payable with face value of $600,000. The bonds pay interest on June 30 and December 31. Read the requirements. Requirement 1. If the market interest rate is 7% when NCU issues its bonds, will the bonds be priced at face value, at a premium, or at a discount? Explain. The 8% bonds issued when the market interest rate is 7% will be priced at a premium . They are attractive in this market, so investors will pay more than face value to acquire them. Requirement 2. If the market interest rate is 9% when NCU issues its bonds, will the bonds be priced at face value, at a premium, or at a discount? Explain. The 8% bonds issued when the market interest rate is 9% will be priced at a discount . They are unattractive in this market, so investors will pay less than face value to acquire them. Requirement 3. The issue price of the bonds is 92. Journalize the bond transactions. (Assume bonds payable are amortized using the straight-line amortization method. Record debits first, then credits. Select explanations on the last line of the journal entry. Round your answers to the nearest whole dollar.) a. Journalize the issuance of the bonds on January 1, 2018. A Requirements - X Date Accounts and Explanation Debit Credit 2018 Jan. 1 1. If the market interest rate is 7% when NCU issues its bonds, will the bonds be priced at face value, at a premium, or at a discount? Explain. 2. If the market interest rate is 9% when NCU issues its bonds, will the bonds be priced at face value, at a premium, or at a discount? Explain. 3. The issue price of the bonds is 92. Journalize the following bond transactions: a. Issuance of the bonds on January 1, 2018. b. Payment of interest and amortization on June 30, 2018. Payment of interest and amortization on December 31, 2018. Retirement of the bond at maturity on December 31, 2037, assuming the last interest payment has already been recorded. Print Done