Southwest Corporation issued bonds with the following details: Face value: $624,000 Interest: 9.0 percent per year payable each December 31 Terms: Bonds dated January 1, 2021, due five years from that date The annual accounting period ends December 31. The bonds were issued at 104 on January 1, 2021, when the market interest rate was 8.0 percent. Assume the company uses effective-Interest amortization and adjusts for any rounding errors when recording interest expense in the final year. Required: 1. Compute the cash received from the bond issuance in dollars. TIP: The issue price typically is quoted at a percentage of face value. 2. & 3. Prepare the journal entry to record the issuance of the bonds and the payment of interest on December 31, 2021 and 2022. 4-a. How much interest expense would be reported on the income statements for 2021 and 2022? 4-b. Compute the bond value which should be reported on the balance sheets at December 31, 2021 and 2022. Complete this question by entering your answers in the tabs below. Reg Req 2 and 3 Req 4A Req 48 Comp Req 1 face value. Bond Isaun Price ash received from the bond issuance in dollars. TIP: The issue price typically is quoted at a percentage of Req 2 and 3 > Journal entry worksheet < 1 2 3 Record the issuance of bonds with a face value of $624,000 at 104. Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit Record entry Clear entry Journal entry worksheet < 1 3 Record the interest payment on December 31, 2021. Note: Enter debits before credits. Date December 31, 2021 General Journal Dobit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 Record the interest payment on December 31, 2022. Note: Enter debits before credits. Date December 31, 2022 General Journal Debit Credit Record entry Clear entry View general journal Southwest Corporation issued bonds with the following details: Face value: $624,000 Interest: 9.0 percent per year payable each December 31 Terms: Bonds dated January 1, 2021, due five years from that date The annual accounting period ends December 31. The bonds were issued at 104 on January 1, 2021, when the market interest ra 8.0 percent. Assume the company uses effective-Interest amortization and adjusts for any rounding errors when recording inter- expense in the final year. Required: 1. Compute the cash received from the bond issuance in dollars. TIP: The issue price typically is quoted at a percentage of fa value. 2. & 3. Prepare the journal entry to record the issuance of the bonds and the payment of interest on December 31, 2021 and 202 4-a. How much interest expense would be reported on the income statements for 2021 and 2022? 4-b. Compute the bond value which should be reported on the balance sheets at December 31, 2021 and 2022. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4A Req 48 How much interest expense would be reported on the income statements for 2021 and 2022? (Round your answers to the nearest whole dollar.) Interest Expense 2021 2022 Southwest Corporation issued bonds with the following details: Face value: $624,000 Interest: 9.0 percent per year payable each December 31 Terms: Bonds dated January 1, 2021, due five years from that date The annual accounting period ends December 31. The bonds were issued at 104 on January 1, 2021, when the market interest rate was 8.0 percent. Assume the company uses effective-Interest amortization and adjusts for any rounding errors when recording interest expense in the final year. Required: 1. Compute the cash received from the bond issuance in dollars. TIP: The issue price typically is quoted at a percentage of face value. 2. & 3. Prepare the journal entry to record the issuance of the bonds and the payment of interest on December 31, 2021 and 2022. 4-a. How much interest expense would be reported on the income statements for 2021 and 2022? 4-b. Compute the bond value which should be reported on the balance sheets at December 31, 2021 and 2022. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4A Req 48 Compute the bond value which should be reported on the balance sheets at December 31, 2021 and 2022. (Round your Intermediate calculations and final answers to the nearest whole dollar.) SOUTHWEST CORPORATION Balance Sheet (partial) Camina Valon 2021 2022