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Chapter 14 & 15 -Bonds and Investments Question #1 In 2009, Elephant Corporation issued 2 bonds payable. They will be reported on the balance sheet in a single bonds payable account, net of any discounts or premiums, with a year end of December 31. On January 31, Elephant Corporation issued an 8% 10-year $1,000,000 bond for par. The interest payments will be due July 30 and January 31 of each year. On November 30 they issued a $1,500,000 5-year bond at 8% when the market rate was 9%. It sold at 93.496 and they will account for the interest on this bond using the effective interest rate calculation method. Interest payments will also be made on May 31 and November 30 of each year. Required: 1) Prepare all the journal entries with appropriate explanations for 2009 and the first interest payment in 2010. 2) Prepare the bonds payable account balance for the Balance Sheet at year-end 2009, remember that this account will be net and will include both bonds