Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Hillside issues $2,700,000 of 7%, 15-year bonds dated January 1,2021 , that pay interest semiannually on June 30 and December 31. Problem 10-1A (Algo) Straight-Line: Amortization of bond discount LO P2 The bonds are issued at a price of $2,333,101. 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 discount amortization. 2 (c) 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. Complete this question by entering your answers in the tabs below. Prepare the January 1 journal entry to record the bonds' issuance. Journal entry worksheet Record the issue of bonds with a par value of $2,700,000 on January 1,2021 at an issue price of $2,333,101. Note: Enter debits before credits. Problem 10-5A (Algo) Installment notes LO C1 On January 1, 2021, Norwood borrows $480,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal payments of $110,867 each year 31. Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Norwood borrows $480,000 cash by signing a five-year, 5% installment note. (b) Record the first installment payment on December 31, 2021. (c) Record the second installment payment on December 31, 2022. Complete this question by entering your answers in the tabs below. Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.)