Whispering Co. is building a new hockey arena at a cost of $2,360,000. It received a down payment of $500,000 from local businesses to support the project, and now needs to borrow $1,860,000 to complete the project. It therefore decides to issue $1,860,000 of 10%, 10- yearbonds. These bonds were issued on January 1, 2016, and pay interest annually on each January 1. The bonds yield 9%. Part a on picture below. correct answer for cash is 1,979,368 and Premium bonds payable $1,119,368.

The above picture instructions are prepare amortization schedule up to and including January 1, 2020, using the effective interest method.

Part c is what I need help with Assume that on July 1, 2019, Whispering Co. redeems half of the bonds at a cost of $1,023,400 plus accrued interest. Prepare the journal entry to record this redemption.

bonds. These bonds were issued on January 1,2016, and pay interest annually on each January 1 (a) Your answer is partially correct. Try again Prepare the journal entry to record the issuance of the bonds on January places, e.g. 1.25124 and the final answer to o decimal places e.9.5 . The bonds yed , 2016 (Round present value factor 8,971. 11 no entry is required, sele account titles and enter O for the amounts. Credit account titles are autematically i indent manually.) Date Account Titles and Explanation Debit Credit January 1, 2016 cash 2.340 Bonds Pa yable .860,000 Premium on Bonds Payable 5o0 ' bonds. These bonds were issued on January 1,2016, and pay interest annually on each January 1 (a) Your answer is partially correct. Try again Prepare the journal entry to record the issuance of the bonds on January places, e.g. 1.25124 and the final answer to o decimal places e.9.5 . The bonds yed , 2016 (Round present value factor 8,971. 11 no entry is required, sele account titles and enter O for the amounts. Credit account titles are autematically i indent manually.) Date Account Titles and Explanation Debit Credit January 1, 2016 cash 2.340 Bonds Pa yable .860,000 Premium on Bonds Payable 5o0