Mastery Problem: Long-Term Liabilities: Bonds and Notes Bonds Payable Final Questions SpringFit Corporation Bonds Payable 20Y5 Journal Entries Final Questions 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 2045 redeemed at maturity? 4. You suspect there is an error in one of the bond redemption entries. Assuming that the amounts are correct which entry is y Why? 5 Why do some bonds sell below face value? 6. Which of the following items are amortized? Check all that apply Mastery Problem: Long-Term Liabilities: Bonds and Notes Bonds Payable Final Questions SpringFit Corporation Bonds Payable 20Y5 Journal Entries Final Questions 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 2045 redeemed at maturity? 4. You suspect there is an error in one of the bond redemption entries. Assuming that the amounts are correct which entry is y Why? 5 Why do some bonds sell below face value? 6. Which of the following items are amortized? Check all that apply