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i need help please (btw $55,584 and $1,015,952 is incorrect) Presented below are selected transactions on the books of Pharoah Corporation port May 1, 2020

i need help please (btw $55,584 and $1,015,952 is incorrect) image text in transcribed
image text in transcribed
Presented below are selected transactions on the books of Pharoah Corporation port May 1, 2020 Bonds payable with a par value of $926,400, which are dated January 1, 2020, are sold at 105 plus accrued interest. They are coupon bonds, bear interest at 11% (payable annually at January 1), and mature January 1, 2030. (Use interest expense account for accrued interest.) Dec. 31 Adjusting entries are made to record the accrued interest on the bonds, and the amortization of the proper amount of premium. (Use straight-line amortization) Jan 1, 2021 Interest on the bonds is paid. April 1 Bonds with par value of $370,560 are called at 102 plus accrued interest, and redeemed. (Bond premium is to be amortized only at the end of each year.) Dec. 31 Adjusting entries are made to record the accrued interest on the bonds, and the proper amount of premium amortized. Prepare journal entries for the transactions above. (Round intermediate calculations to 6 decimal places, eg. 1.251247 and final answers to decimal places, e.g.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 manually) Date Account Titles and Explanation Debit Credit May 1, 2020 Cash 1015952 Bonds Payable 926,400 Premium on Bonds Payable 55584 Interest Expense 33,968 Dec 31, 2020 Interest Expense 101904 101904 Interest Payable (To record the interest) Premium on Bonds Payable Interest Expense Interest Expense 33,968 Dec 31, 2020 Interest Expense 101904 101904 Interest Payable (To record the interest) Premium on Bonds Payable Interest Expense (To amortize the premium) Interest Payable Jan. 1.2021 101904 Cash 101904 Apr. 1.2021 Bonds Payable 370.560 Premium on Bonds Payable Interest Expense 10190 Cash 388161 Gain on Redemption of Bonds Dec 31, 2021 Interest Expense 61142 61142 Interest Payable (To record the interest) Premium on Bonds Payable Interest Expense (To amortize the premium)

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