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On July 1, 2021, Ponasis Corporation issued $1 million of 10-year, 6% bonds...

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Accounting

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On July 1, 2021, Ponasis Corporation issued $1 million of 10-year, 6% bonds at a price to yield a market interest rate of 7%. The bonds pay semi-annual interest on July 1 and January 1. Ponasis has a December 31 year end and records adjusting entries annually. Ponasis received $928,938 when issuing the bonds. Please calculate the following: Interest expense on January 1, 2022 (Blank 1); Interest expense on July 1, 2022 (Blank 2); Interest expense on January 1, 2023 (Blank 3); Bond carrying amount on January 1, 2022 (Blank 4); Bond carrying amount on July 1, 2022 (Blank 5); Bond carrying amount on January 1, 2023 (Blank 6). Round all amounts to the nearest dollar. Pleas do not use dollar sign or comma separator. Submit your calculations to Class Exercise 6 folder. Blank # 1 AJ Blank # 2 Blank # 3 N Blank #4 Blank # 5 Blank # 6

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