Question: PROBLEM II (50%) Koresh Corp. issued $5,000,000, 6%, 10-year bonds, dated April 1, with interest payment dates of September 30, and March 31. A. Assume

PROBLEM II (50%) Koresh Corp. issued $5,000,000, 6%, 10-year bonds, dated April 1, with interest payment dates of September 30, and March 31. A. Assume the bonds were issued at 96 on April 1, 2019. 1. Make the journal entry for April 1, 2019. 2. Make the journal entry for 9/30/19 if the straight method of amortization was being used. 3. Make the journal entry for 9/30/2019 under the effective interest method is being used. The market rate is her 67 4. Make the adjusting entry for December 31, 2019 (Assume the straight method is being used). 5. Make the closing entry for December 31, 2019. (Assume the straight-line method is being used). B. Assume the bonds above were issued at 103 on April 1, 2019 1. Make the journal entry for April 1, 2019 2. Make the journal for September 30, 2019 (if the straight-line oft method of amortization is being used). 3. Make the journal entry for 9/30/2019 if the effective method of amortization is being used. (Assume the market rate was 4%) 4. Make the adjusting entry for December 31, 2019 (Assume the straight-line method is being used) 5. Make the closing entry for December 31, 2019 (Assume the straight-line method is being used)

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