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Entries for issuing bonds and amortizing discount by straight line method Instructions Chart of Accounts Journal Final Questions Instructions On the first day of a fiscal year, Chin Company issued $18,000,000 of five-year, 12% bonds to finance its operations of producing and selling home Improvement products Interest is payable remanualy The bonds were sued at a market feffective interest rate of 14 resulting in Chin receiving cash of 517,107 672 The fiscal year of the company is the calendar year Required 1. Soumalize the entries to record me fonowing (valor to the churt of Accounts for exact wording of account theses) 1 Issuance of the bonds 2 Fuat selama interest payment. The bond discount a combined wwe semanal bevest payment (Round your swer to the nearest dollar) second semiannual interest payment. The bond discount combined with that semiannual interest payment (Pound your answer to the newest dolar) Determine the amount of the bond interest expense for the first year Explain why the company was able for the bonds for only 512 107 672 rather than for the face out of 514 400,000 ins Chart of Accounts Journal Final Questions rt of Accounts CHART OF ACCOUNTS Chin Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 121 Accounts Receivable 611 Gain on Redemption of Bonds 122 Allowance for Doubtful Accounts 126 Interest Receivable EXPENSES 127 Notes Receivable 510 Cost of Merchandise Sold 131 Merchandise Inventory 515 Credit Card Expense 141 Office Supplies 516 Cash Short and Over Instructions Chart of Accounts Journal Final Questions Instructions Journal Shaded cells have feedback yable sel Journaize the entries to record the transactions Refer to the Chart of Accounts for exact wording of account titles How.docs.gcasting PAGE 10 JOURNAL Score: 75/112 ACCOUNTING EQUATION DAN POSTER DET CREDIT ASSETS EQUITY 1 17.738,700.00 1.292,328.00 DESCRIPTION Casti Discount on Bonds Payable Bonds Payable interest Expense Cash 1 Discount on Bonds Payable Interest Expense Check My Work