Problem 14-2 (Part Level Submission) Splish Co. is building a new hockey arena at a cost of $2,460,000. It received a downpayment of s500,000 from local businesses to support the project, and now needs to borrow $1,960,000 to complete the project. It therefore decides to issue $1,960,000 of 10 % , 10-year bonds. These bonds were issued on January 1, 2016, and pay interest annually on each January 1. The bonds yield 9 % (a) Your answer is correct. Prepare the journal entry to record the issuance of the bonds on January 1, 2016. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final ans wer to 0 decimal places e.g. 58,971. Ifno entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Account Titles and Explanation Date Credit January 1, 2016 Cash 2,085,786 Bonds Payable 1960,000 Premium on Bonds Payable 125,786 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER UNK TO TE NK LNK T TEXT Attempts: 1 of 3 used (b) Your answer is partially correct. Try again. Prepare a bond amortization schedule up to and indluding January 1, 2020, using the effective interest method. (Round answers to 0 decimal places, e.g. 38,548.) Carrying Premium Cash Interest Amount of Paid Date xpense Amortization Bonds 1/1/16 125,786 1/1/17 125,786 125,786 1/1/18 1/1/19 125,786 125,786 1/1/20