Question Help On January 1, 2018, the Kinship Captal Partners issued $1,000,000 par value, 16 %, 6-year bonds. Interest is payable semiannualy each January 1 and July 1 with the first interest payment due at the end of the period on July 1, 2018. The market rate of interest on the date of the bond issue was 2 % (Cick the icon to view the Fuure Value of $1 table) (Cick the icon to view the Future Value of an Ordinary Annuty table) (Cick the lcon to view the Future Value of an Annuity Due table.) (Click the icon to view the Present Value of $1 table ) (Click the icon to view the Present Value of an Ordinary Annuity table) (Click the icon to view the Present Value of an Annuty Due table) Read the requirements Requirement a. Determine the issue price of the debt. (Use the present value and future value tables, the formula method, a financial caloulator, or a spreadsheet for your caloulations If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, XXX0X. Round your final answer to the nearest whole dolar) The issue price of the debt is Requirement b. Prepare the amortization table for the bond issue through January 1, 2021, assuming that Kinship uses the effective interest rate method of amortization (Round each caloulation to the nearest whole number and then use the rounded value for each subsequent caloulation in the table.) Effective DiscountPremium Cash Carrying Requirements Date Interest Interest Amortization Value January 1, 2018 July 1, 2018 Determine the issue price of the debt b. Prepare the amortization table for the bond issue through January 1, 2021 assuming that Kinship uses the effective interest rate method of January 1, 2019 July 1, 2019 amortzaion January 1, 2020 Prepare the jourmal entries to record the bond issue, the first interest entry and payment of he bonds at maturty Assume that the company uses a premium or discount account, if needed July 1, 2020 January 1, 2021 edits Requirementc. Prepare the jounal entries to record the bond issue, the first interest entry, and payment of the bonds at malurity Assume Exclude explanations from any joumal entries. Use the rounded values from previous caloulions) Print Done Begin by recording the issuance of the bonds payable Account January 1, 2018 0uestion Help On January 1, 2018, the Kinship Capital Partnes issued $1,000,000 par value, 16%, 6-year bonds. Interest is payable semiannually each January 1 and July 1 with the first interest payment due at the end of the period on July 1, 2018. The market rate of interest on the date of the bond issue was 2 % (Cick the icon to view the Future Value of $1 table) (Click the icon to view the Future Value of and Ordinary Annuty table.) (Cick the icon to view the Future Value of an Annulty Due table) (Click the icon to view the Present Value of $1 table ) (Click the iocon to view the Present Value of an Ordinary Annuty table) (Click the icon to view the Present Value of an Annuity Due table) Read the reauirements Requirement c. Prepare the jounal entries to record the bond issue, the first interest entry, and payment of the bonds at maturity Assume that the company uses a premium or discount account, t neaded. (Record debits frst, then credits Exclude explanations from any joumal entries. Use the rounded values from previous calculations) Begin by recording the issuance of the bonds payable Account January 1, 2018 Requirements Record the irst semiannual interest payment Delemine the issue price of the debt Prepare the amorization tabie for the bond issue through January 1, 2021, assuming that Kinship uses the effective interest rale method of amortiration Prepare the joumal entries to recond the bond issue, the frst interest entry and payment of the bonds at maturity Assume that the company uses a premium or discount account, f reeded a. b. Account July 1, 2018 Print Done Prepare the joumal entry to record payment of the bonds at maturity. (Assume that any rounding differences have been adusted for.) January 1, 2023 Account Choose from any list or enter any number in the input fields and then continue to the next question January 1, 2018 Account Record the first semiannual interest payment. Account July 1, 2018 Prepare the journal entry to record payment of the bonds at maturity. (Assume that any rounding differenc Account January 1, 2023