Entries for bonds payable and installment note transactions Instructions Chart of Accounts Journal Final Questions Instructions The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year: Year 1 July Oct. T Issued $75,100,000 of 20-year, 8% callable bonds dated July 1, Year 1, at a market (effective) rate of 1 Dec. 31 Year 2 June Sept. Dec. 31 30 30 31 10%, receiving cash of $62,213,861. Interest is payable semiannually on December 31 and June 30. Borrowed $440,000 by issuing a six-year, 7% installment note to Nicks Bank. The note requires annual payments of $92,310, with the first payment occurring on September 30, Year 2. Accrued $7,700 of interest on the installment note. The interest is payable on the date of the next installment note payment. Paid the semiannual interest on the bonds. The bond discount amortization of $322,153 is combined with the semiannual interest payment. Paid the semiannual interest on the bonds. The bond discount amortization of $322,153 is combined with the semiannual interest payment. Paid the annual payment on the note, which consisted of interest of $30,800 and principal of $61,510 Accrued $6,624 of interest on the installment note. The interest is payable on the date of the next Previous