Sheffield Co. is building a new hockey arena at a cost of $2,630,000. It received a...

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Sheffield Co. is building a new hockey arena at a cost of $2,630,000. It received a downpayment of $520,000 from local businesses to support the project, and now needs to borrow $2,110,000 to complete the project. It therefore decides to issue $2,110,000 of 12%, 10-year bonds. These bonds were issued on January 1, 2019, and pay interest annually on each January 1. The bonds yield 11%. Your answer is correct. Prepare the journal entry to record the issuance of the bonds on January 1, 2019. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) te Account Titles and Explanation ary Cash 119 Bonds Payable Premium on Bonds Payable eTextbook and Media List of Accounts Debit 2234245 Credit 2110000 124245 Your answer is correct. Prepare a bond amortization schedule up to and including January 1, 2023, using the effective interest method. (Round answers to O decimal places, e.g. 38,548.) Cash Paid +A Interest Expense 0 245767 +A Premium Amortization 0 7433 +A Carrying Amount of Bonds 2234245 2226812 253200 244949 8251 2218561 253200 253200 244042 9158 2209403 253200 eTextbook and Media List of Accounts 243034 10166 2199237 Your answer is partially correct. Assume that on July 1, 2022, Sheffield Co. redeems half of the bonds at a cost of $1,122,300 plus accrued interest. Prepare the journal entry to record this redemption. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) e Account Titles and Explanation Debit Credit 12 12 Interest Expense Premium on Bonds Payable Cash (To record interest) Bonds Payable Premium on Bonds Payable Loss on Redemption of Bonds Cash Sheffield Co. is building a new hockey arena at a cost of $2,630,000. It received a downpayment of $520,000 from local businesses to support the project, and now needs to borrow $2,110,000 to complete the project. It therefore decides to issue $2,110,000 of 12%, 10-year bonds. These bonds were issued on January 1, 2019, and pay interest annually on each January 1. The bonds yield 11%. Your answer is correct. Prepare the journal entry to record the issuance of the bonds on January 1, 2019. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) te Account Titles and Explanation ary Cash 119 Bonds Payable Premium on Bonds Payable eTextbook and Media List of Accounts Debit 2234245 Credit 2110000 124245 Your answer is correct. Prepare a bond amortization schedule up to and including January 1, 2023, using the effective interest method. (Round answers to O decimal places, e.g. 38,548.) Cash Paid +A Interest Expense 0 245767 +A Premium Amortization 0 7433 +A Carrying Amount of Bonds 2234245 2226812 253200 244949 8251 2218561 253200 253200 244042 9158 2209403 253200 eTextbook and Media List of Accounts 243034 10166 2199237 Your answer is partially correct. Assume that on July 1, 2022, Sheffield Co. redeems half of the bonds at a cost of $1,122,300 plus accrued interest. Prepare the journal entry to record this redemption. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) e Account Titles and Explanation Debit Credit 12 12 Interest Expense Premium on Bonds Payable Cash (To record interest) Bonds Payable Premium on Bonds Payable Loss on Redemption of Bonds Cash