Question: Part ( a ) On July 1 , 2 0 2 4 , Southampton Industries issued bonds at a price of ( $

Part (a)
On July 1,2024, Southampton Industries issued bonds at a price of \(\$ 734,421\) with a par value of \$700,000 and a stated interest rate of \(14\%\), dated July 1. Management has the positive intent and ability to hold the bonds until maturity. Interest is received semiannually on June 30 and December 31. The bonds mature in three years, on June 30,2027. The market interest rate for bonds of similar risk and maturity is \(12\%\). The entire bond issue was purchased by Sydney Group, Inc.
Required:
1. Journalize the insurance of bonds.
2. Prepare a Schedule of Bond Amortization, using the format in the PowerPoint slides.
3. Journalize the entry to record the interest payment on June 30,2026.
Part ( a ) On July 1 , 2 0 2 4 , Southampton

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