7B answer

Oriole Co sells $ 440,000 of 12% bonds on June 1, 2020. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2024. The bonds yield 8% On October 1, 2021, Oriole buys back $ 140,800 worth of bonds for $ 147,800 (includes accrued interest). Give entries through December 1, 2022. Prepare a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year- end. (Round answers to 0 decimal places, e.g. 38,548.) Schedule of Bond Discount Amortization Effective-Interest Method Bonds Sold to Yield Cash Paid Interest Expense Premium Amortized Carrying Amount of Bonds Date 6/1/20 12/1/20 6/1/21 LLLLL LLLLLL 12/1/21 LLLLLL 77777 6/1/22 12/1/22 12/1/21 6/1/22 12/1/22 6/1/23 12/1/23 ILL 6/1/24 * Difference due to rounding Prepare all of the relevant journal entries from the time of sale until December 31, 2022 (Assume that no reversing entries were made.) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to 0 decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 6/120 and enter o for the amounts. Credit account tities are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation 6/1/20 12/1/20 LLLLLLLLLLLL LLLLL 12/31/20 6/1/21 LLL 12/1/20 12/31/20 6/1/21 10/1/21 LLL ILL (To record interest expense and premium amortization) 10/1/21