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Required information

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Hillside issues $$1,300,000$ of $7\%,15-$year bonds dated January $1,2021,$ that pay interest semiannually on June $30$ and

December $31.$

The bonds are issued at a price of $$1,123,346.$

Required:

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 discount amortization.

$2($c$)$ For each semiannual period, complete the table below to calculate the bond interest expense.

Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life.

Prepare the first two years of a straight$-$line amortization table.

Prepare the journal entries to record the first two interest payments.