On January 1, 2021, a company issues $800,000 of 8% bonds, due in ten years, with interest payable semi annually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 7%, the bonds will issue at $856,850. Required:
1. Fill in the blanks in the amortization schedule below: (Round your answers to the nearest dollar amount. Enter all amounts as positive values.)
Interest Change in Carrying Value Carrying Value
Date Cash Paid Expense
01/01/2021
06/30/2021
12/31/2021
2. Record the bond issue on January 1, 2021, and the first two semi-annual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest dollar amount.)

Date                    Interest      Interest        Amortization       Bond's

                           payment    expense      bond premium    book value

Jan. 1, 2021                                                                            856,850

June 30, 2021    32,000     29,157.50     2,842.50             854,007.50

Dec. 31, 2021      32,000     29,157.50     2,842.50             851,165

Assuming you are using a straight line amortization of bond premium, then the amortization per coupon payment = $56,850 / 20 = $2,842.50

January 1, 2021, bonds are issued

Dr Cash 856,850

    Cr Bonds payable 800,000

    Cr Premium on bonds payable 56,850

June 30, 2021, first coupon payment

Dr Interest expense 29,157.50

Dr Premium on bonds payable 2,842.50

    Cr Cash 32,000

December 31, 2021, second coupon payment

Dr Interest expense 29,157.50

Dr Premium on bonds payable 2,842.50

    Cr Cash 32,000

If the company uses the effective interest method, the numbers vary a little:

amortization of bond premium on first coupon payment:

($856,850 x 3.5%) - ($800,000 x 4%) = $29,989.75 - $32,000 = -$2,010.25 ≈ -$2,010

Journal entry to record first coupon payment:

Dr Interest expense 29,990

Dr Premium on bonds payable 2,010

    Cr Cash 32,000

amortization of bond premium on second coupon payment:

($854,840 x 3.5%) - ($800,000 x 4%) = $29,919.40 - $32,000 = -$2,080.60 ≈ -$2,081

Journal entry to record second coupon payment:

Dr Interest expense 29,919

Dr Premium on bonds payable 2,081

   Cr Cash 32,000

if i need to borrow money for anything, it would be for something like a house or an apartment but, that depend on the situation.

is this good enough?