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Hillside issues $2.400,000 of 9%. 15-year bonds dated January 1, 2019. that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $2.073,868. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment 2(b) For each semiannual period, complete the table below to calculate the straight-line discount amortization 21c) 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 a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Journal entry worksheet Record the issue of bonds with a par value of $2,400,000 cash on January 1, 2019 at an issue price of $2,073,868. Note: Enter debits before credits. Date January 01 General Journal Debit Credit Ree1 Reg 24 to 20 R3 For each semiannual period, compute (a) the cash payment.) the straight line discount amortization, and (c) the bond interest expense. 2) Par maturity value Annual Rate Semiannual cash Interest payment 2) Par (maturity value Bonds price Discount on Bonds Payable Semiannual periode Straight line discount Semiannual cash Discount amertation Bond interest expense Complete the below table to calculate the total bond interest expense to be recognized over the bonds" life. Total bond Interest expense over life of bonds: Amount repaid payments of Par value at maturity Total repaid Less amount borrowed Total bond interest expense Prepare the first two years of a straight-line amortization table. Carrying Value Semiannual Period- Unamortized End Discount 01/01/2019 06/30/2019 12/31/2019 06/30/2020 12/31/2020 Journal entry worksheet > N Record the first interest payment on June 30. Note: Enter debits before credits. Date June 30 General Journal Debit Credit also, dec 31 journal entry: . Record the second interest payment on December 31. On November 1, 2019, Norwood borrows $400,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal payments of $100,183 each year on October 31 Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: () Accrued interest as of December 31, 2019 (the end of its annual reporting period). The first annual payment on the note. Reg 2A and 28 Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount Period Ending Beginning Debit interest Debit Notes - Credit Cash Ending Date Balance Expense Payable Balance 10/31/2020 10/31/2021 10/31/2022 10/31/2023 10312024 Total Journal entry worksheet
