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! Required information [The following information applies to the questions displayed below.) On January 1, 2022, Learned, Incorporated, issued $14 million face amount of
! Required information [The following information applies to the questions displayed below.) On January 1, 2022, Learned, Incorporated, issued $14 million face amount of 20-year, 14% stated rate bonds when market interest rates were 16%. The bonds pay interest semiannually each June 30 and December 31 and mature on December 31, 2041. Table 6-4, Table 6-5 Note: Use appropriate factor from the table provided. Required: a. Calculate the proceeds (issue price) of Learned Incorporated's, bonds on January 1, 2022, assuming that the bonds were sold to provide a market rate of return to the investor. Note: Round PV factor to 4 decimal places. Enter your answers in dollars, rather than in millions of dollars. Proceeds Required information [The following information applies to the questions displayed below.] On January 1, 2022, Learned, Incorporated, issued $14 million face amount of 20-year, 14% stated rate bonds when market interest rates were 16%. The bonds pay interest semiannually each June 30 and December 31 and mature on December 31, 2041. Table 6-4, Table 6-5 Note: Use appropriate factor from the table provided. b-2. Assume instead that the proceeds were $14,472,000. Record the journal entry to show the payment of semiannual interest and the related premium amortization on June 30, 2022, assuming that the premium of $472,000 is amortized on a straight-line basis. Note: Enter your answers in dollars, rather than in millions of dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 Record the semiannual cash payment and amortization of premium. Note: Enter debits before credits. Event 1 General Journal Debit Credit View general journal Record entry Clear entry
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