Question: please answer step by step On July 1,2010 , Alternate Corporation issued $1.5 million of 10 -year, 7% bonds at 101 . The bonds pay

please answer step by step On July 1,2010 , Alternate Corporation issued please answer step by step

On July 1,2010 , Alternate Corporation issued $1.5 million of 10 -year, 7% bonds at 101 . The bonds pay interest semi-annually on July 1 and January 1. Alternate's year end is December 31. Instructions (a) Record the issue of the bonds on July 1, 2010. (b) Record the accrual of interest on December 31, 2010, assuming the amortization amount is $534. (c) Show the balance sheet presentation on December 31, 2010. (d) Record the payment of interest on January 1, 2011. (e) What will be the total interest payment over the 10-year life of the bonds? What will be the total interest expense over the 10-year life of the bonds? Taking It Further Explain why the total interest payment over the 10-year life of the bonds is equal to or different than the total interest expense over the 10 -year life of the bonds

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