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(24 minutes) On January 1,2022, Glamour Incorporated sold 5-year, $2,400,000 bonds...

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Accounting

(24 minutes)
On January 1,2022, Glamour Incorporated sold 5-year, $2,400,000 bonds with a coupon rate of 5% for $2,297,638.(The market interest rate at the time was 6%). Interest is paid semi-annually on June 30 and December 31. Glamour Incorporated, a public company, uses the effective-interest method of amortization for bonds. Round your answers to the nearest dollar (i.e. no decimals).
Required:
a) Prepare the journal entry to properly record the issue of the bond on January 1,2022.(4 marks)
b) Prepare journal entries for the first two interest payments (Hint: an amortization schedule using the effective interest method may be helpful). Show your calculations. (6 marks)
c) Show how the bonds will appear on Glamour's statement of financial position on December 31,2023.(Note that this is two years after the date the bonds were issued.)(2 marks)
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