Sunset Drive-Ins Ltd. borrowed money by issuing $1,500,000 of 6% bonds payable at 93.5 on July 1, 2018. The bonds are 10-year bonds and pay interest each January 1 and July 1. Read the requirements 1. How much cash did Sunset receive when it issued the bonds payable? Journalize this transaction Sunset received $ 1402500 when the bonds payable were issued. 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 1402500 Discount on Bonds Payable (97500) Bonds Payable 1500000 1 Cash 2. How much must Sunset pay back at maturity? When is the maturity date? Choose from any list or enter any number in the input fields and then continue to the next question Sunset Drive-Ins Ltd borrowed money by issuing $1,500,000 of 6% bonds payable at 93.5 on July 1, 2016. The bonds are 10-year bands and pay interest each January 1 and July 1 Read the regirements 2. How much must Sunset pay back at maturity? When is the maturity date? At maturity, Sunset must pay back $ 1500000 The maturity date is July 1, 2028 3. How much cash interest will Sunset pay each six months? Sunset will pay interest of $ 45000 each six months 4. How much interest expense will Sunset report each six months? Use the straight line amortization method. Journalize the entries for the accrual of interest and amortization of discount on December 31, 2018, and the payment of interest on January 1, 2019 Sunset will reports 49875 of interest expense each soc months Journalize the entry for the accrual of interest and amortization of discount on December 31, 2018. (Record debits first then credits Exclude explanations from any inimal teel Joumalize the entry for the accrual of interest and amortization of discount on December 31, 2018. (Record debits first journal entries.) Date Dec Credit Journal Entry Accounts 31 Interest Expense Discount on Bonds Payable Interest Payable Debit 102375 4875 97500 Journalize the entry for the payment of interest on January 1, 2019. (Record debits first, then credits. Exclude explanations fro Journal Entry Date Accounts Credit Jan 1 Interest Payable Cash Debit 97500 97500