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Kingbird Co. sells $ 491,000 of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date
Kingbird Co. sells $ 491,000 of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021. 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 0 decimal places, e... 38,548.) Schedule of Bond Discount Amortization Effective-Interest Method Bonds Sold to Yield I Cash Paid Interest Expense Discount Amortized Carrying Amount of Bonds Date 3/1/20 $ $ 9/1/20 3/1/21 9/1/21 LLLL LLLLL LLLL 111] 3/1/22 Schedule of Bond Discount Amortization Effective Interest Method Bonds Sold to Yield Cash Paid Interest Expense Discount Amortized Carrying Amount of Bonds Date 3/1/20 9/1/20 3/1/21 9/1/21 3/1/22 9/1/22 LL LLLL LLLLLL 1] 3/1/23 9/1/23 Prepare all of the relevant journal entries from the time of sale until December 31, 2021. Date Account Titles and Explanation Debit Credit 3/1/20 LLLL I 3/1/21 LLLL LLLL LLLL
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