Req uired information Exercise 7-13A {Algal Two complete accounting cycles: Bonds issued at face value with annual interest LO 7-7 [The foiiowing information appiies to the questions dispiayed beiowzj Doyle Company issued $470,000 of 10-year, 9 percent bonds on January 1, Year 1. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $54,000 of cash revenue. which was collected on December 31 of each year. beginning December 31, Year 1. Exercise 7-13A [Algoi Part a Required a. Organize the transaction data in accounts under the accounting equation for Year1 and Year 2. {Enter any decreases to account balances with a minus sign. Ifthere is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require entry.} Exercise 7-17A Mtge) Determining cash receipts from bond issues LO 7-8, 7-9 Required Compute the cash proceeds from bond issues under the following terms. For each case, indicate whether the bonds sold at a premium or discount. {Do not round intermediate calculations. Round your answers to nearest dollar amount.) Pear. Inc. issued $219300 of 10year, 8 percent bonds at 102. Apple, Inc. issued $96,000 of veyear' 12 percent bonds at 98. Cherry Co. issued $134' 000 of veyear, 6 percent bonds at 103 1M. Grape, Ine. issued 2543.000 of touryear' a percent bonds at 98. Exercise 7-19A (Static) Identifying bond premiums and discounts LO 7-8, 7-9 Required In each ofthe following situations, state whether the bonds will sell at a premium or discount. Valley issued $300,000 of bonds with a stated interest rate of I" a. percent. At the time of issue. the market rate ct interest for similar investments was 6 percent. Spring issued $220,000 of bonds with a stated interest rate of 5 b. percent. At the time of issue. the market rate at interest for similar investments was 6 percent. River Inc. issued $150300 cf callable bonds with a stated interest rate of 5 percent. The bonds were callable at 102. At the date of issue, the market rate of interest was 6 percent for similar investments