Problem 2 On January 1, 2020, Gehrig Electric issued $5,000,000, 5%, 10 year bonds at par....

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Problem 2 On January 1, 2020, Gehrig Electric issued $5,000,000, 5%, 10 year bonds at par. The bonds pay quarterly interest on March 31, June 30, September 30 and December 31. Prepare the journal entry to record the issuance of the bonds on January 1, 2020 Date Titles Debit Credit Prepare the journal entry to record the quarterly interest payments. (40 interest payment) No date needed. Date Titles Debit Credit Prepare the journal entry to record the repayment on the maturity date-January 1, 2030 Assume the final interest payment was made on December 31, 2029. Date Titles Debit Credit Calculate the total cost of borrowing for these bonds over their 10 year life. Show supporting calculation Problem 2 On January 1, 2020, Gehrig Electric issued $5,000,000, 5%, 10 year bonds at par. The bonds pay quarterly interest on March 31, June 30, September 30 and December 31. Prepare the journal entry to record the issuance of the bonds on January 1, 2020 Date Titles Debit Credit Prepare the journal entry to record the quarterly interest payments. (40 interest payment) No date needed. Date Titles Debit Credit Prepare the journal entry to record the repayment on the maturity date-January 1, 2030 Assume the final interest payment was made on December 31, 2029. Date Titles Debit Credit Calculate the total cost of borrowing for these bonds over their 10 year life. Show supporting calculation