Question: Exercise 9-71 (Algorithmic) Interest Payments and Intereft Expense for Bonds (Straight Line) On January 1, 2020, Herrington Corporation sold $94,000 of 15-year, 11% bonds. The

Exercise 9-71 (Algorithmic) Interest Payments and Intereft Expense for Bonds (Straight Line) On January 1, 2020, Herrington Corporation sold $94,000 of 15-year, 11% bonds. The bonds sold for $90,000 and pay interest semiannually on June 30 and December, 31 . Required: 1. Prepare the foumal entry to record the sole of the bonds. 2. Calcuiate the amount of the cash semisneual interest poyment. Round your answer to the aearest whole doilar, if required. 3. Prepare the entry at June 30, 2020 , to recognize the payment of inkerest and interest expense. Round your answers to then nearest whole dollar, if required. 2030 4. Caiculate the annual interest expense for 2020. Round your answer to the nearest whole dolitar, if reguired

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