SpringFit Corporation Bonds Payable 2015 Journal Entries Final Questions SpringFit Corporation DATE DESCRIPTION POST. REF. DEBIT Jan. 1 Cash 1,008,960.00 Premium on Bonds Payable 58,960.00 950,000.00 Bonds Payable Jun 30 Interest Expense 18.427.00 Premium on Bonds Payable 2.948.00 237500 Cash 1,921,280.00 Jul 1 Cash 78.720.00 Discount on Bonds Payable Bonds Payable 2,000,000.00 1,100,000.00 Oct.1 Cash Notes Payable 1.100,000.00 18,427.00 Dec 31 Interest Expense 2.948.00 Premium on Bonds Payable SpringFit Corporation Bonds Payable 2015 Journal Entries Final Questions SpringFit Corporation 1.100,000.00 Notes Payable Interest Expense Dec. 31 18,427.00 2.948.00 Premium on Bonds Payable Cash 21.375.00 31 Interest Expense 16.500.00 Interest Payable 16,500.00 41,560.00 Interest Expense 6.560.00 Discount on Bonds Payable 35,000.00 Cash 9491400 31 Income Summary 9491400 Interest Expense Shaded cells have feedback. X Review the journal entries on the Spring Corporation panel, then answer the following questions. 1. Assuming that no bonds had been issued prior to 20Y4, how many different bonds appear in the journal entries for this year? 2 2. Which entry shows bonds issued at a contract rate lower than the market rate of interest? Choose the date. July 1 3. How much interest was paid during the year on the bonds in question (2) S 4. What is the carrying amount of the bonds in question (2) at the end of the years 5. Which entry shows bonds that sold for more than their face amount? Choose the date Jan 1 6. How much interest was paid during the year on the bonds in question (5)? $42.750 7. Assuming that straight-line amortization is used for the bonds in (5), what is the bond ite? 10 years 8. What is the carrying value of the bonds in question (5) at the end of the years 9. Considering only the 2014 journal entries, how much interest was probably accrued on the note payable sud during the years