Required information [The following information applies to the questions displayed below) On January 1, when the market interest rate was 10 percent, Seton Corporation completed a $300,000, 9 percent bond issue for $281,554. The bonds pay interest each December 31 and mature in 10 years. Seton amortizes the bond discount using the straight-line method. of 2 Required: 1. & 2. Prepare the required journal entries to record the bond issuance and the first interest payment on December 31. (if no en required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole dollar) Answer is complete but not entirely correct. No Date Credit 1 January 01 Goneral Journal Cash Discount on Bonds Payable Bonds Payable Debit 281,554 18.446 300.000 2 2 December 31 45,446 3 Interest Expense Cash Discount on Bonds Payable 18,448 18 446 Prev 1 2 Next > Incorrect for the work you have completed 2 3. Prepare a bond discount amortization schedule for these bonds. (Do not round Intermediate calcul the nearest dollar.) - 2 of 2 Answer is complete but not entirely correct. Changes During the Period Period Ended Cash Paid Discount Amortized Interest Expense Ending Bond Liability Balances Discount Bonds on Bonds Carrying Payable Value Payable 300,000 18,446 281,554 300,000 17.291 282,709 27,000 1.155 28.155 27,000 1,271 28,271 300,000 16,020 283,980 27,000 1.398 28,398 300,000 14,622 285,378 27,000 1.538 X 28,538 300,000 13,084 286,916 Start Yr 1 End Yr 2 End Yr 3 End Yr4 End Yr 5 End Yr B End Y: 7 End Yr 8 End Yr 9 End Yr 10 End 27,000 1,692 28,692 300,000 11,392 288,608 27,000 1,881 28,861 300,000 9,531 290,469 27,000 2,047 29,047 300,000 7,485 292,515 27,000 2,252 X 29,252 300,000 5,233 294,767 27,000 2,477 X 29,477 300,000 2.756 297 244 27,000 2,756 29,724 300,000 0 300.000 HW-required Saved Help 2 Part 2 of 2 Required Information [The following information applies to the questions displayed below) On January 1, when the market interest rate was 10 percent, Seton Corporation completed a $300,000,9 percent bond issue for $281,554. The bonds pay interest each December 31 and mature in 10 years, Seton amortizes the bond discount using the straight-line method. 2 points 3. Prepare a bond discount amortization schedule for these bonds. (Do not round Intermediate calculations. Round your answers to the nearest dollar) BOOK Period Ended Print 1271 References Start Yr 1 End Yr 2 End Yr 3 End Yr 4 End Yr 5 End Yr End Yr7 End Y Erd Changes During the Period Ending Bond Libility Balances Canh Paid Discount Interest Amortized Expense Bonds Payable Discount on Bonds Payable Carrying Value 300.000 18.400 281.564 27.000 5,155 28,555 300.000 17.291 282,700 27.000 28,271 300,000 10.020 283,950 27.000 11.390 28,390 300,000 14,822 285,37 27.000 1.530 26538 300.000 13.084 27 000 1.692 20.092 300,000 11,392 280,000 27.000 1 361 28,861 300,000 9.531 290 460 27.000 2,047 29 DE 300.000 7.485 292.555 27.000 2.252 29.252 300,000 5.230 29472 27,000 2,477 29,477 300.000 2.750 29934 27.000 2.75 29,724 300.000 0 300 000 YO End Yr End 00 [me G Full MacBook Air DOO 20 F3 000 F4 F2 F5 F6 F7 8 He 4 0 Part 2 of 2 Required Information [The following information applies to the questions displayed below On January 1, when the market interest rate was 10 percent, Seton Corporation completed a $140,000,9 percent bond issue for $131,392. The bonds pay interest each December 31 and mature in 10 years. Assume Seton Corporation uses the effective interest method to amortize the bond discount 2 points 3. Prepare a bond discount amortization schedule for these bonds. Do not round intermediate calculations. Round your answers to the nearest dollar) Hit Period Ended Start Yr End 72 Yr End YE VASE YE Vind Vid Iwond Yond Changes During the Period Ending Bond Liability Balances Discount Cash Paid Expono Discount on Amortized Bons Payable Bonds while Carrying Valu 140.000 131,392 13,1301 12.500 530 140.000 3,000 131,031 13.678 +2.600 630 140,000 7.530 132,470 12.10 12.000 030 10 000 0.91 133.000 13.130 12.000 10.000 04 13350 13.10 12.00 Se 140.000 103 15.07 11110 13.600 30 140.000 5 13 12/600 10.000 438 135.100 13.10 12000 330 10.000 3.18 130.00 13.10 1600 530 140.00 3210 30.78 12000 140.000 Ta321 M