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Bond Premium, Entries for Bonds Payable Transactions Rodgers Corporation produces and sells football equipment. On July 1, Year 1. Rodgers Corporation issued $76,800,000 of 10-year, 13% bonds at a market (effective) interest rate of 11%, receiving cash of $85,977,961. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: For all journal entries with a compound transaction, if an amount box does not require an entry, leave it blank. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, Year 1. Cash 85.977,961 Premium on Bonds Payable 9.177.961 Bonds Payable 76.800.000 Feedback Check My Work Bonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account The straight-line method of amortization provides equal amounts of amortization over the life of the bond Check My Work Previous Next The straignaine metodo ramozion provides equal amount of monzalon over theme onne bond 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, Year 1, and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar Interest Expense Premium on Bonds Payable Cash Feedback b. The interest payment on June 30, Year 2, and the amortization of the bond premium, using the straight-line method. Round to the nearest dollar. Feedback Check My Work Incorrect Check My Work Previous Next Incorrect 3. Determine the total interest expense for Year 1. Round to the nearest dollar. $ 4. Will the bond proceeds always be greater than the face amount of the bonds when the contract rate is greater than the market rate of interest? 5. Compute the price of $85,977,961 received for the bonds by using Table 1, Table 2, Table 3 and Table 4. Round to the nearest dollar. Your total may vary slightly from the price given due to rounding differences. resent value of the face amount Present value of the semiannual interest payments Price received for the bonds Feedback Check My Work Incorrect Feedback Check My Work Previous Next