You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous years journal entries, shown as follows: Journal Entries, 20Y4

Considering the journal entries for both years, answer the following questions. 1. What is the yearly payment amount required for the note payable? (Assume it is an installment note.) 2. What is the interest rate on the note payable? 3. Were the bonds in the entry on Dec. 31 of 20Y5 redeemed at maturity? 4. You suspect there is an error in one ot the bond redemption entries. Assuming that the amounts are correct, which entry is questionable?Why? 5. Why do some bonds sell below tace value? 6. Which of the tollowing items are amortized? Check all that apply. Considering the journal entries for both years, answer the following questions. 1. What is the yearly payment amount required for the note payable? (Assume it is an installment note.) 2. What is the interest rate on the note payable? 3. Were the bonds in the entry on Dec. 31 of 20Y5 redeemed at maturity? 4. You suspect there is an error in one ot the bond redemption entries. Assuming that the amounts are correct, which entry is questionable?Why? 5. Why do some bonds sell below tace value? 6. Which of the tollowing items are amortized? Check all that apply