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Bramble Corporation issued $540,000,7%, 20-year bonds on January 1, 2022, for $486,983. This price resulted in an effective-interest rate of 8% on the bonds. Interest

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Bramble Corporation issued $540,000,7%, 20-year bonds on January 1, 2022, for $486,983. This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January 1. Bramble uses the effective-interest method to amortize bond premium or discount. - Your answer is partially correct. Prepare the schedule using effective-interest method to amortize bond premium or discount of Bramble. (Round answers to 0 decimal places, e.g. 5,275.) Interest Periods Interest to Be Paid Interest Expense to Be Recorded Discount Amortization Unamortized Discount Bond Carrying Value Issue date $ 37,800 38,959 Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 Cash 486,983 Discount on Bonds Payable 53,017 Bonds Payable 540,000 - Your answer is partially correct. Prepare the journal entry to record the accrual of interest and the discount amortization on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2022 Interest Expense Discount on Bonds Payable Interest Payable - Your answer is partially correct. Prepare the journal entry to record the payment of interest on January 1, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2023 Interest Payable Cash

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