Required information [The following information applies to the questions displayed below.] On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable annually on December 31 each year. Assuming the market interest rate on the issue date is 6%, the bonds will issue at $644,161. Required: 1. Complete the first three rows of an amortization schedule. (Round your final answers to the nearest whole dollar.) Date Cash Paid Interest Expense Decrease in Carrying Value Carrying Value 01/01/2021 12/31/2021 12/31/2022 2. Record the bond issue on January 1, 2021, and the first two interest payments on December 31, 2021, and December 31, 2022. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) Journal entry worksheet < 1 2 3 Record the bond issue. Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 N 3 Record the first annual interest payment. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 Record the second annual interest payment. Note: Enter debits before credits. Date December 31, 2022 General Journal Debit Credit Record entry Clear entry View general journal ! Required information [The following information applies to the questions displayed below.) On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 6% and the bonds issued at $644,632. 3 Check my work Required: 1. Using an amortization schedule, show that the bonds have a carrying value of $633,887 on December 31, 2023. Date 01/01/2021 Cash Paid Interest Expense Decrease in Carrying Value Carrying Value 06/30/2021 12/31/2021 06/30/2022 12/31/2022 06/30/2023 12/31/2023 + 12 2. If the market interest rate increases to 8% on December 31, 2023, it will cost $568,311 to retire the bonds. Record the retirement of the bonds on December 31, 2023. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your intermediate calculations to the nearest whole dollar amount.) Required 1 Record the retirement of the bonds. Note: Enter debits before credits. Date December 31, 2023 General Journal Debit Credit + Record entry Clear entry View general journal