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Plz answer with details On January 1, Hitec Inc Borrowed money as follows 1- Hitec Inc issued $ 1 million, 10%, 10-year bonds at face
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On January 1, Hitec Inc Borrowed money as follows 1- Hitec Inc issued $ 1 million, 10%, 10-year bonds at face value. Interest is payable semiannually on January 1 and July 1. 2- Hitec Inc also issued a $ 500,000, 12%, 15-year mortgage payable. The terms provide for semiannual installment payments of $36,324 on June 30 and December 31. Required 1- For the 10-year, 10% bonds a- Journalize the issuance of the bonds on January 1, 2014 b- Prepare the journal entries for the interest expense in 2014. Assume no accrual of interest on July1. 2- For the mortgage payable a- Prepare the entry for the issuance of the note on January 1, 2014 b- Prepare a payment schedule for the first four installments payments Indicate the rrent and non-current amounts for the mortgage payable at Dec 31, 2014
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