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Sunland Co. is building a new hockey arena at a cost of $2,620,000. It received a downpayment of $530,000 from local businesses to support the

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Sunland Co. is building a new hockey arena at a cost of $2,620,000. It received a downpayment of $530,000 from local businesses to support the project, and now needs to borrow $2,090,000 to complete the project. It therefore decides to issue $2,090,000 of 11%, 10-year bonds. These bonds were issued on January 1, 2019, and pay interest annually on each January 1. The bonds yield 10% Your answer is partially correct Prepare the journal entry to record the issuance of the bonds on January 1, 2019. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to decimal places eg. 58,971. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date January 1, 2019 Account Titles and Explanation | Cash Premium on Bonds Payable Bonds Payable Prepare a bond amortization schedule up to and including January 1, 2023, using the effective interest method. (Round answers to 0 decimal places, eg. 38,548.) Cash Premium Interest Expense Carrying Amount of Bonds Date Amortization 0 2096 1/1/19 $ 1/1/20 1/1/21 229900 229900 1/1/22 1/1/ 23 229900 29900 2 eTextbook and Media List of Accounts

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