Southwest Corporation issued bonds with the following details: Face value: $636,000 Interest 9.0 percent per year payable each December 31 Terms: Bonds dated Jantary 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 fypically is quoted at a percentage of face value 2 \& 3. Prepare the joumal entry to record the issuance of the bonds and the payment of interest on December 31,2021 and 2022 4.6. 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 batance sheets at December 31, 2021 and 2022 . Complete this question by entering your answers in the tabs below. Compute the cash received trom the bond issuance in dollars. TIP: The issue price typically is quoted at a percentage of face Complete this question by entering your answers in the tabs below. Prepare the journal entry to record the issuance of the bonds and the payment of interest on December 31,2021 and 2022 . (II no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole doltar.) Journal entry worksheet Record the issuance of bonds with a face value of $636,000 at 104 Woter Cnter debita before credits. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record the issuance of the bonds and the payment of interest on December 31, 2021 and 2022. (If no entry is required for a transactionfevent, select "No Joumal Entry Required" in the first account field. Round your answers to the nearest whole dollar:) Journal entry worksheet Rocord the interest payment on December 31, 2021. Foten Knder debits before creveds: Southwest Corporation issued bonds with the following detals Face value: $636,000 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 efrors when recording interest expense in the final year. Required: 1. Compute the cash received from the bond issuance in dollass. TIP: The is sue price typically is quoted at a percentage of face value 2. \& 3. Prepare the joumal entry to record the issuance of the bonds and the payment of interest on December 31, 2021 and 2022. 4-0. How much interest expense would be reported on the income statements for 2021 and 2022 ? 4-b. Compute the bond volue which should be teported on the balance sheets at December 31,2021 and 2022 Complete this question by entering your answers in the tabs below. How much interest expense would be reported on the income statements for 2021 and 2022 ? (Round your answers to the nearest whole dollar.) Face value $636,000 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 80 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 fypically 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 4-0. 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. Compute the bond value which should be reported on the balance sheets at December 31,2021 and 2022 . (Round your intermediate calculations and final anowers to the nearest whole dollae.)
