Problem 4 - Corporate Bond Transactions You are Golden Corporation, a company that issues bonds to raise money 1. Journalize and post the five transactions below Assume interest compounds semi-annually. Post the transactions to the ledgers. You will only post to the Bonds Payable, Discount on Bonds Payable and G or Loss on Redemption of Bonds accounts. The ledgers will not be graded 1/1/17 You issue $7,800,000 of five year, 8% bonds. The market rate is 97 The discount amount is $308,590 Credit Account Date 1/1/17 Debit 19 ogooo Cash bonds paljude 1.600CCO Carrying amount 149 1410 6/30/17 You pay the semi-annual interest to the bondholders. (You would normally repeat this every six months, omit these entries to save time.) Credit Date Account 6/30/17 Intrest expense Cash Debit 312.000 312.000 12/31/17 You record the adjusting entry to amortize the discount (to the nearest dollar). Credit Debit 1.800.000 Date Account 12/31/17 Bonds pouvable discount on bonde cavable Cash 3081990 7491410 Carrying amount $ 7491410 1273198 You record the adjusting entry to amortize the discount (to the nearest dollar) Credit Date Account 12/31/18 (Bands Doulade discount on bonds pouyable Debit 100.000 208 0910 1401410 Carrying amount $ 7491410 12/3/18 You call the bonds at 99. Credit Debit 7800.000 Date Account 12/31/18 Bonds ouble discount on bonds bajable loss on redemption of bonds Casn 308590 12301590 17260820 Carrying amount $149.40