Requirement 1. Journalize the transactions of Trahan Communications Inc. (Record debits first, then credits. Exclude explanations from any journal entries.) January 1, 2018: Issued $6,000,000 of 5%, 10-year bonds payable at 97. Interest payment dates are July 1 and January 1. Journal Entry Date Accounts Debit Credit 2018 Jan 1 July 1, 2018: Paid semiannual interest and amortized bond discount by the straight-line method on the 5% bonds payable. Journal Entry Date 2018 Accounts Debit Credit Jul 1 December 31, 2018: Accrued semiannual interest expense and amortized bond discount by the straight-line method on the 5% bonds payable. Journal Entry Accounts 2018 Date Dec 31 D Debit Credit C C January 1, 2028: Paid the 5% bonds at maturity. Journal Entry Date Accounts Debit Credit 2028 Jan 1 L Requirement 2. At December 31, 2018, after all year-end adjustments have been made, determine the carrying amount of Trahan's bonds payable, net. At December 31, 2018, after all year-end adjustments, the carrying amount of the bonds payable is $ L Requirement 3. For the six months ended July 1, 2018, determine the following for Trahan: a. Interest expense and b. Cash interest paid. What causes interest expense on the bonds to exceed cash interest paid? For the six months ended July 1, 2018 determine the following: a. Interest expense is $ b. Cash interest paid is $ What causes interest expense on the bonds to exceed cash interest paid? Amortization of the bond discount. Amortization of the bond premium. The company does not have enough cash to pay the expense amount. The interest rate is too high. __ _ . L . II. I I I. - - -- -- .-..- I. -- --- ..--1