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Heathrow issues $2,600,000 of 5%, 15-year bonds dated January 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $2,246,690.
Prepare the January 1, 2011, journal entry to record the bonds' issuance. (Omit the "$" sign in your response.)
For each semiannual period, compute the cash payment. (Do not round your intermediate calculations. Omit the "$" sign in your response.)
For each semiannual period, compute the the straight-line discount amortization. (Round your answer to the nearest dollar amount. Omit the "$" sign in your response.)
For each semiannual period, compute the bond interest expense. (Round your intermediate calculations and final answer to the nearest dollar amount. Omit the "$" sign in your response.)
Determine the total bond interest expense to be recognized over the bonds' life. (Do not round semi-annual interest rate. Round intermediate calculations to the nearest dollar. Omit the "$" sign in your response.)
Prepare the first two years of an amortization table using the straight-line method. (Round your intermediate calculations and final answers to the nearest dollar amount. Omit the "$" sign in your response.)
Prepare the journal entries to record the first two interest payments. (Round your intermediate calculations and final answers to the nearest dollar amount. Omit the "$" sign in your response.)
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