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Hillside issues $2,100,000 of 5%, 15-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31 The bonds are issued at a price of $2,570,390. Required: 1. Prepare the January 1 journal entry to record the bonds issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line premium amortization. 2(c) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life, 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A to 20 Reg 3 Req4 Reqs Prepare the January 1 journal entry to record the bonds' Issuance. View transaction list View journal entry worksheet No Date General Journal Credit Debit 2,570,390 1 January 01 Cash Bonds payable Premium on bonds payable 2,100,000 470,390 Req 2A to 2C> Required: 1. Prepare the January journal entry to record the bonds' issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment 2(b) For each semiannual period, complete the table below to calculate the straight-line premium amortization 21c) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds life 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A to 20 Reg 3 Reg 4 Reg 5 For each semiannual period, compute (a) the cash payment. (b) the straight line discount amortization, and (c) the bond interest expense. (Round "Unamortizes Premium" to whole dollar and use the rounded value for part 4 & 5.) Show less 2() Year Annual Rate Par (maturity) value $ 2,100,000 Semiannual cash interest payment 52.500 5 6/12 Semiannual periods 2) Bond price Par (maturity value) $ 2,100,000 Premium on Bonds Payable =$ 470.390 Straight-line premium amortization $ 15,680 30 $ 2.570,390 2(c) Semiannual cash payment 52.500 Premium amortization $ 15,680 Bond interest expense 36,820 Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(6) For each semiannual period, complete the table below to calculate the straight-line premium amortization 2(c) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A to 20 Reg 3 Reg 4 Reg 5 Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. Total bond interest expense over life of bonds: Amount repaid 30 payments of 52.500 $ Par value at maturity Total repaid Less amount borrowed Total bond interest expense $ 1.575,000 2,100,000 3,675.000 2,570,390 1,104,610 Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line premium amortization 2(c) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A to 20 Reg 3 Reg 4 Reg 5 Prepare the first two years of a straight-line amortization table. (Round your final answers to the nearest whole dollar amount.) Semiannual Period- Unamortized End Premium 01/01/2019 $ 470,390 06/30/2019 454.710 12/31/2019 439,031 06/30/2020 423,351 12/31/2020 407,671 Carrying Value $ 2,570,390 2,554.710 2,539,031 2,523,351 2,507,671 requires 1. Prepare the January 1journal entry to record the bonds' Issuance 2(a) For each semiannual period, complete the table below to calculate the cash payment 2(b) For each semiannual period, complete the table below to calculate the straight-line premium amortization, 2C) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 2C Reg 3 Reg 4 Reg 5 Prepare the journal entries to record the first two interest payments. (Round your final answers to the nearest whole dollar amount.) View transaction list View journal entry worksheet No General Journal Debit Credit Date June 30 1 36.820 Bond interest expense Premium on bonds payable Cash 15,680 52.500 2. December 31 36,830 Bond interest expense Premium on bonds payable Cash 15,680 52,500 Req4
