This is the third in a series of exercises designed to assist you in bulding and applying your accounting knowlodge. Though the structure and composition may differ, almost all companies have both current and long-term liabilities. Knowing how to account for these liabilities and relaled transactions is essential. Assignment P1. Vicques Corporation sells secnic sightsecing trips to rural towns in Puerto Rico, Over the last several years, the company has become interested in purchasing a used airplane. Instead of issuing common stock, the company decides to issue bonds. The company issued $1,000,000 of 8% three-year bonds at 97 on January 1,2018. Interest is paid semiannually on January 1 and July 1. Vieques Corporation uses the straight-line method of amortization. - The corporation would like to better understand the bond issue. Using the table below as a guide. calculate the interest expensc, amortization of any discount, and the carrying value of the bond at the end of each year for the life of the bond. - Make the appropriate joumal entries for each of the following events: . 2018 - January 1-Bond issunce - July 1-Interest payment - December 31-Recond any accrued interest on the bonds 2020 December 31 - Pond redemption at maturity P2. Vieques Corporation issues even more bonds. The stated rate on the bond execeds the market rate. The company issucd $150,000 of 9% three-ycar bonds at 101 on January 1,2018 . Interest is paid scmiannually on Jaruary 1 and July 1 . Woodworker uses the straight-line method of amortization. - The corporation would like to better understand the bond issue. Using the table below as a guide, calculale the interest expense, amortization of any premium, and the carrying value of the bond at the end of each year for the life of the bond - Make the appropriate journal entries for each of the following events: 2018 - January 1 Bond issuance - July 1 loterest payment - December 31 - Record any accrued interest on the bonds 2020 - December 31-Bond redenption at maturity Submission Please structure your tables to be similar to the ones above. You can copy and paste the blank tables if you like. Type your joumal entries below the tables or include them separately. Submit your completed cxercise via Canvas. If you have any trouble, fecl frec to cmail a copy to me at jbrowning@sheridan.edu