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Please help with fields in red. Thanks! Hillside issues $2,600,000 of 5%, 15-year bonds dated January 1, 2017, that pay interest semiannually on June 30
Please help with fields in red. Thanks!
Hillside issues $2,600,000 of 5%, 15-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $2,246,690. Requirec 1. Prepare the January 1, 2017. journal entry to record the bonds' issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2b) For each semiannual period, complete the table below to calculate the straight-line discount amortization. 2(c) For each semiannual period, complete the table below to calculate the bond interest expense 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life 4. Prepare the first two years of an amortization table using the straight-line method. 3. Prepare the journal entries to record the first two interest payments. Answer is not complete. Complete this question by entering your answers in the tabs below Req 1Req 2A to 2C Req 3 Req 4 Req 5 Prepare the first two years of an amortization table using the straight-line method Discount 01/01/2017 08130/2017 12/31/2017 08/30/2018 12/31/2018 5 353,310 20,760,533 199,756 122,979 48,202 Value 2,246,690 232,347 2,400,244 2,477,021 2,553,798 Req 3 Req 5Step by Step Solution
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