Note Computations and Entries $($Straight Line$)$

On January $1,2024,$ Sisek Company borrowed $$973,000$ with a $10-$year, $9\mathrm{.}75\%$ note, interest payable semiannually on June $30$ and December $31.$ Cash in the amount of $$865,800$ was received

when the note was issued.

Required:

Prepare the necessary journal entry at January $1,2024.$ If an amount box does not require an entry, leave it blank.

$2024$ Jan. $1$

When bonds are issued, any premium or discount is recorded in a separate valuation account.

Prepare the necessary journal entry at June $30,2024,$ If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar.

$2024$ June $30$

Feadtack

T Check My Work

Any premium or discount is amortized to interest expense.

Prepare the necessary journal entry at December $31,2024.$ If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar.

Any premium or discount is amortized to interest expense.

Determine the carrying amount of this note at the end of the fifth year $($December $31,2028).$

Discount and premium accounts are valuation accounts.