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Prepаring аn Amоrtizаtiоn Schedule and Recоrding the Effects of Bonds (FSET) On April 30 Cheng, Inc., issued $325,000 of 6%, 15-year bonds for $268,801, yielding an effective interest rate of 8%. Semiannual interest is payable on October 31 and April 30 each year. The firm uses the effective interest method to amortize the discount. a. Prepare an amortization schedule showing the necessary information for the first two interest periods. ● Note: Round answers to the nearest whole dollar. Period Interest Expense Cash Interest Paid Discount Amortization Discount Balance Bond Payable Net 0 ${#1} ${#2} 1 ${#3} ${#4} ${#5} {#6} {#7} 2 {#8} {#9} {#10} {#11} {#12} b. In the financial statement effects template, report (1) the bond issuance on April 30, (2) the bond interest payment and discount amortization at October 31, (3) the adjusting entry to record bond interest expense and discount amortization at December 31, the close of the firm’s accounting year, and (4) the bond interest payment and discount amortization at April 30 of the following year. ● Note: Use negative signs with your answers, when appropriate. ● Note: Select "N/A" as your answer if a part of the accounting equation is not affected. ● Note: Round answers to the nearest whole dollar. Balance Sheet Income Statement Cash Noncash Contributed Earned Net Transaction Asset + Assets = Liabilities - Contra Liability + Capital + Capital Revenue - Expenses = Income 1. Apr. 30, Y1 Issue bonds {#13} {#14} {#15} {#16} {#17} {#18} {#19} {#20} 2. Oct. 31, Y1 Interest payment {#21} {#22} {#23} {#24} {#25} {#26} {#27} {#28} {#29} {#30} {#31} 3. Dec. 31, Y1 Interest accrual {#32} {#33} {#34} {#35} {#36} {#37} {#38} {#39} {#40} {#41} {#42} 4. Apr. 30, Y2 Interest payment {#43} {#44} {#45} {#46} {#47} {#48} {#49} {#50} {#51} {#52} {#53} {#54} {#55} Total
Anаlyzing Finаnciаl Statement Effects оf Bоnd Redemptiоn Dechow, Inc., issued $300,000 of 8%, 15-year bonds at 96 on July 1, 2015. Interest is payable semiannually on December 31 and June 30. Through June 30, 2022, Dechow amortized $3,823 of the bond discount. On July 1, 2022, Dechow will retire the bonds at 101. Record the issue and retirement of these bonds in the financial statement effects template. (Assume the June interest expense has already been recorded.) ●Note: Use negative signs with your answers, when appropriate. ●Note: Select "N/A" as your answer if a part of the accounting equation is not affected. Balance Sheet Income Statement Cash Noncash Contra Contributed Earned Net Transaction Asset + Assets = Liabilities - Liability + Capital + Capital Revenue - Expenses = Income Issuance of bonds. {#1} {#2} {#3} {#4} {#5} {#6} {#7} {#8} {#9} Bonds payable {#10} {#11} {#12} {#13} {#14} Retirement of bonds issued. {#15} {#16} {#17} {#18} {#19} {#20} {#21} {#22} {#23} {#24} {#25} {#26} {#27} {#28} {#29}