On January 1, 2013, Drennen, Inc., issued $2.6 million face amount of 8-year, 18% stated rate bonds

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On January 1, 2013, Drennen, Inc., issued $2.6 million face amount of 8-year, 18% stated rate bonds when market interest rates were 16%. The bonds pay semiannual interest each June 30 and December 31 and mature on December 31, 2022. Table 6-4, Table 6-5 (Use appropriate factor from the table provided.)

Calculate the proceeds (issue price) of Drennen, Inc.'s, bonds on January 1, 2013, assuming that the bonds were sold to provide a market rate of return to the investor.(Round your answer to the nearest whole dollar amount. (e.g., 32))

Proceeds??????

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Assume instead that the proceeds were $2,548,000. Record the journal entry to show the payment of semiannual interest and the related discount amortization on June 30, 2013, assuming that the discount of $52,000 is amortized on a straight-line basis.

Interest Expense (Debit) ?????

Cash (Credit) 234,000

Discounts on Bonds Payable (Credit) ????

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On January 1, 2013, Learned, Inc., issued $18 million face amount of 20-year, 14% stated rate bonds when market interest rates were 16%. The bonds pay interest semiannually each June 30 and December 31 and mature on December 31, 2032. Table 6-4, Table 6-5 (Use appropriate factor from the table provided.)

Assume instead that the proceeds were $18,383,000. Record the journal entry to show the payment of semiannual interest and the related premium amortization on June 30, 2013, assuming that the premium of $383,000 is amortized on a straight-line basis.

Interest Expense(Debit) ????

Premium on Bonds Payable (Credit) ????

Cash (Credit) 1,260,000