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Please help with questions 4&5 only Payable Transactions Rodgers Corporation produces and sells football equipment. On July 1, 2041, Rodgers issued $65,000,000 of 10 year,

Please help with questions 4&5 only image text in transcribed
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Payable Transactions Rodgers Corporation produces and sells football equipment. On July 1, 2041, Rodgers issued $65,000,000 of 10 year, 12% bonds at a market (effective) interest rate of 10%, receiving cash of $73,100,469. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: For all journal entries, if an amount box does not require an entry, leave it blank. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 2011 2011 July 1 Cash Premium on Bonds Payable Bonds Payable 73,100469 6.100.469 65,000,000 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, 2011, and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar 2011 Dec. 31 Interest Expense 3,655.023 Premium on Bonds Payable 244.977 Cash 39.000 b. The interest payment on June 30, 2012, and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar. 2012 June 30 Interest Expense 3.642.775 Premium on Bonds Payable 257,225 Cash 390.000 3. Determine the total interest expense for 2011. Round to the nearest dollar 3,655,023 4. Will the bond proceeds always be greater than the face amount of the bonds when the

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