Journal Entry for bonds discount

Answer Answer Accrued interest on bonds d) Show the balance sheet presentation of Bonds Payable and related accounts as at December 31, 2020. Bonds Payable $Answer Unamortized Premium $Answer Book Value SAnswerTrivial Corporation (with a December 31 year-end) issued $422,000, 5% bonds due in 7 years on May 1, 2020. Interest is paid semi-annually on October 31 and April 30 of each year. On the issuance date, the market rate of interest was 4%, resulting in a price of $447,600 for these bonds. The premium/discount is amortized using the straight line amortization method. Round your answers to the nearest whole number. For transactions with more than one debit or credit, enter the accounts in alphabetical order. a) Is this bond issued at a discount or at a premium?: Answer Prepare the journal entry on May 1, 2020, to issue the bonds. Date Account Title and Explanation Debit Credit May 1 Answer Answer Answer Answer Answer Answer Issued bonds b) Prepare the journal entry on October 31, 2020, to record the first interest payment and the amorti- zation of the premium/discount. Date Account Title and Explanation Debit Credit Oct 31 Answer Answer Answer Answer Answer Answer Paid interest on bonds c) Prepare the adjusting entry on December 31, 2020. Date Account Title and Explanation Debit Credit Dec 3