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Requirea information (The following information applies to the questions displayed below.] Hillside issues $4,000,000 of 6%, 15-year bonds dated January 1, 2020, that pay interest
Requirea information (The following information applies to the questions displayed below.] Hillside issues $4,000,000 of 6%, 15-year bonds dated January 1, 2020, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $4,895,980. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line premium amortization. 2) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. 5 Complete this question by entering your answers in the tabs below. Req1 Req 2A to 20 Reg 3 Reg 4 G Req 5 Prepare the January 1 journal entry to record the bonds' issuance. View transaction list Journal entry worksheet Record the issue of bonds with a par value of $4,000,000 on January 1, 2020 at an issue price of $4,895,980. Note: Enter debits before credits. General Journal Debit Date January 01 Credit Check my work Required information Req 1 Req 2A to 20 Reg 3 Reg 4 Reg 5 For each semiannual period, compute (a) the cash payment, (b) the straight-line premium amortization, and (c) the bond interest expense. (Round your fin: dollar.) Semiannual cash 2(a) Par (maturity) value Annual Rate Year interest payment Semiannual periods 2(b) Par (maturity value) Premium on Bonds Payable Straight-line premium amortization Bond price Bond interest expense 2(0) Semiannual cash payment Premium amortization
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