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Question 1 Queen Energy Inc. issued bonds on January 1 , 2 0 2 3 , that pay interest semiannually on June 3 0 and

Question 1
Queen Energy Inc. issued bonds on January 1,2023, that pay interest semiannually on June 30 and December 31. The par value of the bonds is $270,000, the annual contract rate is 10%, and the bonds mature in 10 years.
Required
For each of these three situations, (a) determine the issue price of the bonds and (b) show the journal entry that would record the issuance, assuming the market interest rate at the date of issuance was
a.6%
b.10%
c.14%
Question 2
Banjo Education Corp, issued a 4%, $150,000 bond that pays interest semiannually each June 30 and December 31. The date of issuance was January 1,2023. The bonds mature after four years. The market interest rate was 6%. Banjo Education Corp.'s year-end is December 31.
Required
Preparation Component:
Calculate the issue price of the bond.
Prepare a general journal entry to record the issuance of the bonds.
Determine the total bond interest expense that will be recognized over the life of these bonds.
Prepare the first two years of an amortization table based on the effective interest method.
Present the journal entries Banjo would make to record the first two interest payments.
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