To provide funding for the construction the Jolly Journal Jugglers professional development center aimed at improving the understanding of the financial statements project, Awesome Students Incorporated issued $10\%$ bonds with a face amount of $$2,150,000$ on March $1,2022.$ At the time of issuance, the market rate of interest was $11\%.$

The bonds pay interest semiannually on February ${28}^{th}$ and August $31$ st and mature in $6$ years.

The fiscal year ends September $30$th for Awesome Students Incorporated.

Required:

Calculate the selling price of the bonds and prepare an amortization schedule through $2/28/2028($when the bonds mature$).$

Note: You can use excel to prepare the amortization schedule. Round to the nearest whole dollar.

Record all the necessary journal entries related to the bonds for fiscal year $\frac{9}{30}\frac{?}{22}$ :

Record all the necessary journal entries related to the bonds for fiscal year $\frac{9}{30}\frac{?}{23}$ :

Record all the necessary journal entries related to the bonds for fiscal year $\frac{9}{30}\frac{?}{24}$ :

What amount of interest expense related to the bonds will Awesome Students report in its income statement for the year ending September $30,2022?$

What amount$($s$)$ related to the bonds will Awesome Students report in its balance sheet on September $30,2022?$

What amount of interest expense related to the bonds will Awesome Students report in its income statement for the year ending September $30,2023?$

What amount$($s$)$ related to the bonds will Awesome Students report in its balance sheet on September $30,2023?$

What does the discount$/$premium associated with the issuance of bonds represent? What is the purpose of the effective amortization of the discount$/$premium over the life of the bond?