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I JUST NEED THE ANSWERS ON RED THAT ARE WRONG... Titania Co. sells $400,000 of 12% bonds on June 1, 2020. The bonds pay interest

I JUST NEED THE ANSWERS ON RED THAT ARE WRONG...

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Titania Co. sells $400,000 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, Titania buys back $120,000 worth of bonds for $126,000 (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 o 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 425853 12/1/20 24000 21293 2707 423146 6/1/21 24000 21157 2843 420303 12/1/21 24000 21015 2985 417318 6/1/22 24000 20866 3134 414184 12/1/22 24000 20709 3291 410893 6/1/23 24000 20545 3455 407438 12/1/23 24000 20372 3628 403810 6/1/24 24000 20190 3810 400000 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 O decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter o for the amounts, Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 6/1/20 TCash 425853 Premium on Bonds Pay: 25853 Bonds Payable 400000 12/1/20 TInterest Expense 21293 Premium on Bonds Payable 2707 Cash 24000 12/31/20 Tinterest Expense 3526 > Premium on Bonds Payable 474 Interest Payable 4000 6/1/21 TInterest Expense 17631 Interest Payable 4000 Premium on Bonds Payable 2369 Cash 24000 10/1/21 Interest Expense 4231 X Premium on Bonds Payable 569 Cash 4800 (To record interest expense and premium amortization) 10/1/21TBonds Payable 120000 Premium on Bonds Payable 120000 X Gain on Redemption of 125522 x Cash 114478 (To record buy back of bonds)

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