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On January 1 of this year, Barnett Corporation sold bonds with a face value of $507,500 and a coupon rate of 7 percent. The bonds mature in 20 years and pay interest annually on December 31. Barnett uses the effective-interest amortization method. Ignore any tax effects. Each case is independent of the other cases. (FV of $1. PV of $1. FVA of $1. and PVA of $1) (Use the appropriate factor(s) from the tables provided. Round your final answers to nearest whole dollar amount.) Required: 1. Complete the following table. The interest rates provided are the annual market rate of interest on the date the bonds were issued. Case A (7%) Case B (8%) Case C (6%) a. Cash received at issuance b. Interest expense recorded in Your 1 o Cash paid for interest in Year 1 d. Cash paid at maturity for bond principal Several years ago. Nicole Company issued bonds with a face value of $1,010,000 for $950,000. As a result of declining interest rates, the company has decided to call the bond at a call premium of 4 percent over par. The bonds have a current book value of $995,000 Record the retirement of the bonds, using a discount account. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet

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