I'm having a hard time to answer the ammortizafion table. Someone help me pls
On January 1, 2020, Flounder Corporation issued $553,000 7% bonds that are due in 11 years. The bonds were issued for $597,066 and pay interest each July 1 and January 1. The company uses the effective interest method. Assume an effective rate of 6% (a) Your answer is correct Prepare Flounder Corporation's journal entry for the January 1 issuance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. Cash 597,066 1 Bonds Payable 597,066 e Textbook and Media List of Accounts Attempts: 1 of 3 used Question Part Score 2/2 (b) Your answer is partially correct. Prepare the company's journal entry for the July 1 interest payment. (Round answers to decimal places, eg,5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit July Interest Expense 1 17.912 Bonds Payable 1,423 Cash 19,355 (c) Your answer is correct. Prepare the company's December 31 adjusting entry. (Round answers to decimal places, es 5.275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec 31 Interest Expense 17,869 Bonds Payable 1.486 Interest Payable 19.355 e Textbook and Media List of Accounts Attempts: 2 of 3 used Question Part Score 2/2 le) Your answer is partially correct. Prepare the first three payments of an effective interest amortization table for the bonds. (Round answers to 2 decimal places, es 52.75.) Schedule of Discount Amortization Effective Interest Method Cash Paid Interest Expense Premium Amortized Car Am $ 19.355 $ 17.912 $ 1443 19.355 17.95527 1.399.73 19.355 17.997.26 1.357.74 e Textbook and Media List of Accounts Save for Later Attempts: 2 of 3 used Submit Answer Question Part Score 0.92/2
