This was posted before and it wasn\'t explained plus they gave the wrong answers

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This was posted before and it wasn't explained plus they gave the wrong answers. I know its a lot. im sorry/ Please help

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3 Required information The following information applies to the questions displayed below.) Legacy issues $560,000 of 9.0%, four-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and Part 1 of 4 December 31, They are issued at $507,831 and their market rate is 12% at the issue date. 1.25 points Required 1. Prepare the January 1, 2017, journal entry to record the bonds' issuance. eBook View transaction list Ask Journal entry worksheet Print Record the issue of bonds with a par value of $560,000 cash on January 1, 2017 at an issue price of $507,831. Note: Enter debits before credits. Date General Journal DebitCredit T 50,783,100 5,216,900 Jan 01, 2017 Cash iscount on bonds payable Bonds payable 56,000,000

Explanation / Answer

3.

4.2.

Bond discount = $52,169

Cash payment of interest during the life of the bond = $201,600

Bond interest expense to be recognized = $253,769

5.3.

The amortization table for the bonds with straight line amortization of the bond discount is shown below.

6.4.

7.

7.2.

7.3. Amortization Table

7.4.

1. Entry to record the issue of bonds Date Account Title Debit Credit Jan.1,2017 Cash 507831 Discount on bonds payable 52169 Bonds Payable 5600000

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