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Question 1 (10 points) On July 1, 2021, Ponasis Corporation issued $1 million of 10-year, 6% bonds at a price to yield a market interest
Question 1 (10 points) On July 1, 2021, Ponasis Corporation issued $1 million of 10-year, 6% bonds at a price to yield a market interest rate of 7%. The bonds pay semi-annual interest on July 1 and January 1. Ponasis has a December 31 year end and records adjusting entries annually. Ponasis received $928,938 when issuing the bonds. Please calculate the following: Interest expense on January 1, 2022 (Blank 1); Interest expense on July 1, 2022 (Blank 2); Interest expense on January 1, 2023 (Blank 3); Bond carrying amount on January 1, 2022 (Blank 4); Bond carrying amount on July 1, 2022 (Blank 5); Bond carrying amount on January 1, 2023 (Blank 6). Round all amounts to the nearest dollar. Please use comma separators for thousands such as 1,000, 10,000, 100,000 etc. Blank # 1 A/ Blank #2 Blank # 3 Blank #4 Blank # 5 Blank # 6
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