Question $1$

$14$ pts

$($Modified from P$14-4)$

On January $1,2024,$ California Pacific Corporation issued debenture bonds that pay interest semiannually on June $30$ and Dec. $31.$ Portions of the amortization table appear below:

$\backslash$table$[[,\backslash$table$[[$Cash$],[$Payment$]],\backslash$table$[[$Effective$],[$Interest$]],\backslash$table$[[$Increase in$],[$Balance$]],\backslash$table$[[$Outstanding$],[$Balance$]]],[1,22,500,24,192,1,692,485,534],[2,22,500,24,277,1,777,487,311],[3,-,-,-,-],[4,-,-,-,-],[5,-,-,-,-],[6,-,-,-,-],[7,22,500,24,768,2,268,497,621],[8,22,500,24,879,2,379,500,000]]$

Required: $($Round to the nearest dollar$)$

What is the initial selling price of the bonds?

Prepare the journal entry for California Pacific's selling of bonds on January $1,2024.$

Prepare the journal entry for California Pacific on June $30,2024.$

What is the total effective interest expense recorded over the term of maturity?

Assume California Pacific retired the bonds on Dec. $31,2024$ for $$495,000.$ Prepare the journal entry for the redemption.