Current Attempt in Progress In each of the following independent cases, the company closes its books on December 31. Sarasota Co sells $483,000 of 10% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021. 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 decimal places, e3.38,548) Schedule of Bond Discount Amortization Effective-Interest Method Bonds Sold to Yield Cash Paid Interest Expense Discount Amortized Carrying Amount of Bonds $ $ 456038 24.150 27.362 3212 459250 24,150 27555 3405 462700 24.150 27762 3612 466312 24.150 27979 3029 470140 24.150 28200 4058 474198 24.150 28452 4302 478500 24.150 28710 4560 48.3000 Prepare all of the relevant journal entries from the time of sale until December 31, 2021. (Assume that no reversing entries were made. (Round present value factor calculations to 5 decimal places, 68.1.25124 and the final answers to decimal places eg. 58,971. I 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) Prepare all of the relevant journal entries from the time of sale until December 31, 2021. (Assume that no reversing entries were made) (Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answers to decimal places es 58,971. If no entry is required, select "No Entry" for the account titles and enter for the amounts Credit occount tities are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit 3/1/20 Cash 456038 26962 Discount on Bonds Payable Bonds Payable 483000 V20 Interest Expense 27362 Discount on Bonds Payable 3212 Cash 24150 13120 Interest Expense Discount on Bonds Payable Interest Payable 1 Interest Expense Interest Payable Discount on Bonds Payable 21 Interest Expense Discount on Bonds Payable Cash 31/21 Interest Expense Discount on Bonds Payable Interest Payable e Textbook and Media List of Accounts 03 9 Ivanhoe Co. sells $426,000 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 10%. On October 1, 2021, Ivanhoe buys back $140,580 worth of bonds for $145,580 (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 decimal places, e.g. 38,548.) Schedule of Bond Discount Amortization Effective-Interest Method Bonds Sold to Yield Carryi Cash Interest Premium Amoun Paid Expense Amortized Bond 6/1/20 $ $ Date $ $ $ 12/1/20 6/1/21 12/1/21 6/1/22 12/1/22 6/1/23 12/1/23 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, eg. 1.25124 and the final answers to decimal places eg. 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.) Account Titles and Explanation Debit Credit Date 6/1/20 12/1/20 12/31/20 6/1/21 10/1/21 To record interest expense and premium amortiration) 10/1/21 12/1/21 12/31/21 6/1/22 12/1/22 e Textbook and Media
