Seoulman., Inc. has three bond issues outstanding at 12/31/18: Bond A: $3,500,000, 6% bond issued on August

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Question:

Seoulman., Inc. has three bond issues outstanding at 12/31/18:

Bond A: $3,500,000, 6% bond issued on August 1, 2018, due July 31. 2024. Interest is payabale on January 31 and July 31. The bond was initially priced to yield 7.5%. \

Bond B: $5.000,000, 5% bond issucd on January 1, 2017, duc December 31, 2022. Interest is payable annually on December 31. The bond was initially priced to yicld 4%. Bond C: $6,000,000, zero-coupon bond issued on October 1, 2012, duc September 30, 2022. The bond was initially priced to yield 4% and interest is payable on March 31 and September 30.

Required:

1. Prepare the full amortization schedules cash of the three the bonds in Excel.

2. Prepare the journal entries necessary to record the 2018 activity.

3. For each bond, show what would have appeared on the December 31, 2018 and 2019 financial statements. Be sure to show the proper description and classification for each item. Use the direct method to report cash flows from operations. Be sure to display the information as it would appear in comparative financial statements.