Wildhorse Corporation issued $ 470,000 of 5-year bonds on April 1, 2020. Interest is paid semi-annually on April 1 and October 1. Below is a partial amortization schedule for the first few years of the bond issue. Interest Payment Interest Expense Amortization Bond Amortized Cost $491,672 Semi-Annual Interest Period Apr.1, 2020 Oct 1, 2020 Apr. 1.2021 Oct. 1.2021 Apr. 1.2022 $9.400 $ 7,375 $ 2,025 489.647 9,400 7.345 2.055 487,592 9.400 7,314 2,086 485,506 9.400 7.283 2.117 483,389 Oct 1, 2022 9.400 7.251 2,149 481,240 Apr. 1.2023 9.400 7.219 2,181 479,059 Were the bonds issued at a discount or at a premium? Question 3 of 8 Were the bonds issued at a discount or at a premium? a The bonds were issued at a premium e Textbook and Media List of Accounts What is the bonds' face value? Face value $ 470000 e Textbook and Media List of Accounts Question 3 of 8 What will the bonds'amortized cost be at the maturity date? Bond amortized cost $ 470000 eTextbook and Media List of Accounts What will be the total interest payment over the five-year life of the bonds? Total interest expense? Total interest payment $ Total interest expense $ e Textbook and Media Prepare the journal entry to record the issuance of the bond. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Apr. 1. 2020 (To record issuance of bonds) e Textbook and Media List of Accounts Prepare the journal entry for the best interest payment. (Credit account titles are automatically indented when the amount is mntered Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Credit -/18 Question 3 of 8 Prepare the journal entry for the first interest payment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts:) Credit Debit Account Titles and Explanation Date Oct. 1, 2020 (To record interest payment.) / 18 Il i Prepare the adjusting journal entry on December 31, 2020, assuming this is Wildhorse's year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to decimal places, eg. 5,125.) Date Account Titles and Explanation Dec. 31, 2020 Debit Credit (To accrue interest expense.) Prepare the journal entry for the payment of interest on April 1, 2021. Assume no reversing entries have been used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Date Apr. 1, 2021 Debit Credit (To record interest payment) e Textbook and Media List of Accounts
