Problem 2) On March 1, 2019, WWE Company sold 386,000 individual bonds. The bond terms were as follows: 14 years, $1,000 face value, 1.9% coupon rate. The bonds were issued at an annual effective interest rate of 1.3%. Interest is payable semi-annually and is due each year on September 1 and March 1. On March 1, 2019, bond issue costs of $461,680 were incurred in preparing and selling the bonds.

Required)

Calculate the selling price of the bond

Prepare an amortization table for the entire bond period. Use the effective-interest method.

Create a list of all journal entries required during 2019. Make sure you include the adjusting journal entries needed at the balance sheet date (12/31/2019). Any partial-period allocation of interest expense and related discounts/premiums should be done on a monthly basis.

Show (a snapshot is fine) how all items related to the transaction would be presented on WWEs balance sheet immediately after the bond issue was sold. Include all calculated amounts. Please be clear about where on the balance sheet (e.g., current assets, long-term assets, etc) the different items would appearyou may ignore the cash balance.

Show (a snapshot is fine) how all items related to the transaction would be presented on WWEs income statement and balance sheet on December 31, 2019. Amortization on bond issue costs should be calculated on a straight-line basis. Include all calculated amounts. Please be clear about where on the income statement (operating items, non-operating items, non-recurring items) and on the balance sheet (e.g., current assets, long-term assets, etc) the different items would appearyou may ignore cash and retained earnings balances

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