Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Hillside issues $1,800,000 of 7%, 15-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. Problem 10-1A (Algo) Straight-Line: Amortization of bond discount LO P2 The bonds are issued at a price of $1,555,401. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. 2(a) For each semiannual period, complete the table below to calculate the cash payment. 2(b) For each semiannual period, complete the table below to calculate the straight-line discount amortization. 2(c) For each semiannual period, complete the table below to calculate the bond interest expense. 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. 4. Prepare the first two years of a straight-line amortization table. 5. Prepare the journal entries to record the first two interest payments. Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 2C Req 3 Req 4 Req 5 Prepare the January 1 journal entry to record the bonds' issuance. View transaction list View journal entry worksheet No 1 Date January 01 General Journal Debit Credit Cash Discount on bonds payable 1,555,401 244,599 Bonds payable 1,800,000 < Req 1 Req 2A to 2C > Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 2C Req 3 Req 4 Req 5 For each semiannual period, compute (a) the cash payment, (b) the straight-line discount amortization, and (c) the bond interest expense. (Roun nearest whole dollar.) Par (maturity) value 2(a) $ Annual Rate 1,800,000 7% Year Semiannual cash interest payment 6/12 = $ 63,000 Par (maturity) value Bonds price Discount on Bonds Payable 2(b) Semiannual cash payment Discount amortization Bond interest expense 2(c) = Semiannual periods Straight-line discount amortization < Req 1 Req 3 > Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 2C Req 3 Req 4 Req 5 Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. Total bond interest expense over life of bonds: Amount repaid: Total repaid payments of Par value at maturity Less amount borrowed Total bond interest expense $ 0 0 < Req 2A to 2C Req 4 > Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 2C Req 3 Req 4 Req 5 Prepare the first two years of a straight-line amortization table. (Round your intermediate and final answers to the nearest whole dollar.) Semiannual Period- Unamortized End Discount Carrying Value 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 < Req 3 Req 5 > Complete this question by entering your answers in the tabs below. Req 1 Req 2A to 2C Req 3 Req 4 Req 5 Prepare the journal entries to record the first two interest payments. (Round your intermediate and final answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 2 Record the first interest payment on June 30. Note: Enter debits before credits. Date June 30 General Journal Debit Credit Record entry Clear entry View general journal