Required information

Exercise $9-12($Algo$)$ Record bonds issued at a premium and related semiannual interest $($LO$9-5)$

$[$The following information applies to the questions displayed below.$]$

On January $1,2024,$ Splash City issues $\backslash$$$470,000$ of $\backslash (9\backslash \%\backslash )$ bonds, due in $20$ years, with interest payable semiannually on June $30$ and December $31$ each year.

Assuming the market interest rate on the issue date is $\backslash (8\backslash \%\backslash ),$ the bonds will issue at $\backslash (\backslash$$ $516,513\backslash ).$

Exercise $9-12($Algo$)$ Part $1$

Required:

$1.$ Complete the first three rows of an amortization schedule. $($Round your final answers to the nearest whole dollar.$)$ On January $1,2024,$ Splash City issues $\backslash$$$470,000$ of $\backslash (9\backslash \%\backslash )$ bonds, due in $20$ years, with interest payable semiannually on June $30$ and December $31$ each year.

Assuming the market interest rate on the issue date is $\backslash (8\backslash \%\backslash ),$ the bonds will issue at $\backslash (\backslash$$ $516,513\backslash ).$

Exercise $9-12($Algo$)$ Part $2$

$2.$ Record the bond issue on January $1,2024,$ and the first two semiannual interest payments on June $30,2024,$ and December $31,2024.($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.$)$

$\backslash (\backslash$square $\backslash )$

$1\backslash (\backslash$qquad $\backslash )$

$\backslash (\backslash$Theta $\backslash )$

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline & No & Date & General Journal & Debit & Credit $\backslash \backslash$

$\backslash$hline $-$ & $1$ & January $01,2024$ & Cash & $516,513$ & $\backslash \backslash$

$\backslash$hline & & & Bonds Payable & & $470,000\backslash \backslash$

$\backslash$hline & & & Premium on Bonds Payable & & $46,513\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $-$ & $2$ & June $30,2024$ & Interest Expense & $20,661$ & $\backslash \backslash$

$\backslash$hline & & & Premium on Bonds Payable & $489$ & $\backslash \backslash$

$\backslash$hline & & & Cash & & $21,150\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $\backslash (\backslash$gamma $\backslash )$ & $3$ & $\backslash [$

$\backslash$begin$\{$array$\}\{$c$\}$

$\backslash$text $\{$ December $31,\}\backslash \backslash$

$2024$

$\backslash$end$\{$array$\}$

$\backslash ]$ & Interest Expense & $20,680$ & $\backslash \backslash$

$\backslash$hline & & & Premium on Bonds Payable & $470$ & $\backslash \backslash$

$\backslash$hline & & & Cash & & $21,150\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$