nework Ch $10$

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Requlred Information

Use the following information for the Problems below. $($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Hillside issues $$3,000,000$ of $6\%,15-$year bonds dated January $1,2021,$ that pay interest semiannually on June $30$ and December $31.$

Problem $10-2$A $($Algo$)$ Stralght$-$Line: Amortization of bond premlum LO P$3$

References

The bonds are issued at a price of $$3\mathrm{.}671,990.$

Required:

Prepare the January $1$ journal entry to record the bonds" issuance.

$2($a$)$ For each semiannual period, complete the table below to calculate the cash payment.

$2(b)$ For each semiannual period, complete the table below to calculate the straight$-$line premium amortization.

$2($c$)$ For each semiannual period, complete the table below to calculate the bond interest expense.

$3.$ Complete the below table to calculate the total bond interest expense to be recognized over the bonds" life.

$4.$ Prepare the first two years of a straight$-$line amortization table.

$5.$ Prepare the journal entries to record the first two interest payments.

Complete this question by entering your answers in the tabs below.

Req $3$

Prepare the January $1$ journal entry to record the bonds" issuance.

Journal entry worksheet

$1$

Record the issue of bonds with a par value of $$3,000,000$ on January $1,2021$ at an issue price of $$3,671,990.$