Problem 14-02 Buffalo Co. is building a new hockey arena at a cost of $2,620,000. It received a downpayment of $530,000 from local businesses to support the project, and now needs to borrow $2,090,000 to complete the project. It therefore decides to issue $2,090,000 of 11%, 10-year bonds. These bonds were issued on January 1, 2019, and pay interest annually on each January 1. The bonds yield 10%. Your answer is correct. Prepare the journal entry to record the issuance of the bonds on January 1, 2019. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation January 1, 2019 TCash 2,218,421 T Bonds Payable 2,090,000 Premium on Bonds Pay: 128,421 SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare a bond amortization schedule up to and including January 1, 2023, using the effective interest method. (Round answers to 0 decimal places, e.g. 38,548.) Cash Paid Interest Expense Premium Amortization Carrying Amount of Bonds Date 1/1/19 2200 229900 1/1/20 1/1/21 =XF 229900 229900 111122 229900 XPXPX= 1/1/23 229900 Your answer is partially correct. Try again. Assume that on July 1, 2022, Buffalo Co. redeems half of the bonds at a cost of $1,126,600 plus accrued interest. Prepare the journal entry to record this redemption. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter o for the amounts, Credit account titles are automatically indented when amount is entered. Do not indent manually.) cion Debit Credit Date Account Titles and Explanation Interest Expense July 1, 2022 Tinterest Expense Tunamortized Bond Issue | Interest Payable (To record interest) July 1, 2022 TBonds Payable Interest Payable TLoss on Redemption of Boil Cash (To record reacquisition)