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SavvySavvy Drive - Ins Ltd . borrowed money by issuing $ 6 comma 0 0 0 comma 0 0 0 $ 6 , 0 0

SavvySavvy Drive-Ins Ltd. borrowed money by issuing $ 6 comma 000 comma 000$6,000,000 of 77% bonds payable at 92.592.5 on July1,20212021. The bonds are10-year bonds and pay interest each January 1 and July 1.
Read the requirements LOADING... .
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Part 1
1. How much cash did SavvySavvy receive when it issued the bonds payable? Journalize this transaction.
When the bonds payable were issued, Savvy received
Part 2
Journalize the issuance of the bonds payable. (Record debits first, then credits. Exclude explanations from any journal entries.)
Journal Entry
Date
Accounts
Debit
Credit
Jul
1
Part 3
2. How much must SavvySavvy pay back at maturity? When is the maturity date?
At maturity, Savvy must pay back
Part 4
The maturity date is
July 1,2021
July 1,2022
July 1,2031
Part 5
3. How much cash interest will SavvySavvy pay each six months?
Every six months, Savvy will pay interest of
Part 6
4. How much interest expense will SavvySavvy report each six months? Use the straight-line amortization method. Journalize the entries for the accrual of interest and amortization of discount on December31,20212021, and the payment of interest on January1,20222022.
Every six months, Savvy will report interest expense of
Part 7
Journalize the entry for the accrual of interest and amortization of discount on December31,20212021.(Record debits first, then credits. Exclude explanations from any journal entries.)
Journal Entry
Date
Accounts
Debit
Credit
Dec
31
Part 8
Journalize the entry for the payment of interest on January1,20222022.(Record debits first, then credits. Exclude explanations from any journal entries.)
Journal Entry
Date
Accounts
Debit
Credit
Jan
1

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