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Part IV - Problems and Analysis (10 Points Each, partial credit...

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Accounting

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Part IV - Problems and Analysis (10 Points Each, partial credit will be awarded as applicable, so show your work!). 26. Assume that the Gallagher Corporation issues bonds on 7-1-18, as follows: A $200,000 par value An 8% annual contract rate (paid semiannually) A two-year life The market rate for Gallagher bonds is 10%. Issue Price of 96.454% of par value Required: Please prepare the General Journal Entries (in full proper form) to: 1) record the issuance of the Bonds, 2) Record the Initial Payment only of Interest and 3) The final payment for the retirement of the Bonds 27. For the fact set outlined in Question 26 above, please prepare a full amortization schedule for the Bonds issued, using the Straight-line Method

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