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(c) Prepare the journal entry to record the interest payment and the amortization for 2020. (Round answer to 0 decimal places, e.g. 38,548. If no
(c) Prepare the journal entry to record the interest payment and the amortization for 2020. (Round answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31, 2020 Save for Later Attempts: 0 of 1 used Submit Answer (d) The parts of this question must be completed in order. This part will be available when you complete the part above. On January 1, 2020, Novak Company sold 12% bonds having a maturity value of $650,000 for $699,280, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Novak Company allocates interest and unamortized discount or premium on the effective-interest basis. (a) Your answer has been saved. See score details after the due date. Prepare the journal entry at the date of the bond issuance. (Round answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit January 1, 2020 Cash 699280 Premium on Bonds Payable 49280 Bonds Payable 650000 Attempts: 1 of 1 used (b) Your answer has been saved. See score details after the due date. Prepare a schedule of interest expense and bond amortization for 2020-2022. (Round answer to 0 decimal places, e.g. 38,548.) Schedule of Interest Expense and Bond Premium Amortization Effective-Interest Method Carry Cash Paid Interest Expense Premium Amortized Date Amount of 1/1/20 $ $ $ $ 12/31/20 78000 69928 8072 12/31/21 78000 69121 8879 12/31/22 78000 68233 9767 > Attempts: 1 of 1 used
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