Current Attempt in Progress On January 1, 2020, Whispering Company purchased 12% bonds, having a maturity value of $320,000 for $344,260.74. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Whispering Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December 31 of each year-end is as follows. 2020 2021 2022 $342.000 $329,700 $328,700 2023 2024 $330,700 $320,000 (a) (b) (c) Prepare the journal entry at the date of the bond purchase. Prepare the journal entries to record the interest revenue and recognition of fair value for 2020. Prepare the journal entry to record the recognition of fair value for 2021. (Round answers to 2 decimal places, e.g. 2,525.25. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter Ofor the amounts.) lo. Date Account Titles and Explanation Debit Cret a) b) (To record interest received) (To record fair value adjustment) c) Save for Later Attempts: 0 of 1 used Submit Answer On June 30, 2020, Bramble Company issued $3,551,000 face value of 13%, 20-year bonds at $3.818.140. a yield of 12% Bramble uses the effective interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31. Prepare the journal entries to record the following transactions.(Round answer to decimal places, eg 38,548. 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 monually.) (1) 121 (3) (4) The issuance of the bonds on June 30, 2020, The payment of interest and the amortization of the premium on December 31, 2020 The payment of interest and the amortization of the premium on June 30, 2021. The payment of interest and the amortization of the premium on December 31, 2021. Credit Account Titles and Explanation Date June 30, 2020 Debit 3818140 5551000 Bonds Payable 267340 Premium on Ronds Payable 229000.4 December 31, 2020 Interest Expense 17266 Premium on Bonds Payable 330815 June 30. 2021 Interest Experts Premium on Bands Payable December 31, 2021 Interest Expensin Premium on Borchs Payable Cash Show the proper balance sheet presentation for the liability for bonds payable on the Decemaer 31, 2021, balance sheet. {Round answers to decimal places.cg.38,548) Bramble Company Balance Sheet V S Pravide the answers to the following questions 111 What out of interest expense is reported for 2021? [Round answer to decimal places.eg 38,548.) Interest expersereported for 2021 121 Will the bond interest expense reported in 2021 be the same as greater than or less than the amount that would be reported if the straight-line method of amortization were used? The bard interest expense reported in 2021 will be the amount that would be regarded if the straight-linci 131 Determine the total cost of borrowing over the life of the band. (Round answer to Odecimal places, ca. 38,548. Total cost of borrowing over the life of the bond $ 14 Will the total bond interest expense for the life of the bond be greater than the same as, or less than the total interest expers fthe straight line method of amortization were used? The tota bondinterest expense for the life of the bond will be the total interest expense if the straight-line