List of Accounts:

• Accumulated Depreciation - Buildings
• Accumulated Depreciation - Equipment
• Accumulated Depreciation - Machinery
• Allowance for Doubtful Accounts
• Bad Debt Expense
• Bond Interest Payable
• Bonds Payable
• Buildings
• Cash
• Common Shares
• Cost of Goods Sold
• Depreciation Expense
• Equipment
• FV-NI Investments
• FV-OCI Investments
• Gain on Disposal of Buildings
• Gain on Disposal of Equipment
• Gain on Disposal of Machinery
• Gain on Redemption of Bonds
• Gain on Restructuring of Debt
• Gain on Sale of Investments
• Interest Expense
• Interest Income
• Interest Payable
• Interest Receivable
• Inventory
• Investment Property
• Land
• Loss on Disposal of Machinery
• Loss on Redemption of Bonds
• Loss on Retirement of Bonds
• Loss on Restructuring of Debt
• Loss on Sale of Investments
• Machinery
• Modification Gain or Loss
• Mortgage Payable
• No Entry
• Notes Payable
• Notes Receivable
• Sales Revenue
• Unearned Revenue
• Unrealized Gain or Loss
• Unrealized Gain or Loss - OCI

Please help explain and solve the incorrect answers, I do not know how to solve the incorrect answers

In the following two independent cases, the company closes its books on December 31: 1. 2. Teal Mountain Inc sells $1.84 million of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and March The bonds due date is September 1, 2023. The bonds yield 10%. Headlands Ltd. sells $6.50 million of 9% bonds on June 1, 2020. The bonds pay interest on December 1 and June 1. The bonds' due date is June 1, 2024. The bonds yield 8%. On October 1, 2021. Headlands buys back $1.30 million worth of bonds for $2.10 million, including accrued interest. For situation 1, use the effective interest method for discount and premium amortization and prepare any necessary amortization tables. (Hint: Refer to Chapter 3 for tips on calculating.) (Round answers to decimal places, e.g. 5,275.) Schedule of Bond Discount Amortization Effective Interest Method Discount Amortized Carrying Amount of Bonds Cash Paid Interest Expense $ 1733531 73600 $ 86677 $ 13077 1746607 73600 87330 13730 1760338 73600 88017 14417 1774755 73600 88738 15138 1789892 73600 89495 15895 1805787 73600 90289 16689 1822476 73600 91124 17524 1840000 Prepare all of the relevant journal entries from the time of sale until the date indicated. For situation 1. prepare the journal entries through December 31, 2021. Assume that no reversing entries were made. Use the amounts arrived at from using (1) factor tables. (2) a financial calculator, or (3) Excel function PV from the time of sale until the date indicated. Use the effective interest method for discount and premium amortization. (Hint: Refer to Chapter 3 for tips on calculating.) (For calculation purposes, use 5 decimal places as displayed in the factor table provided and final answers to decimal places, eg. 5,275. Credit account tities 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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 3/1/20 Cash 1840000 Bonds Payable 1840000 9/1/20 Interest Expense 86677 Cash 13077 Bonds Payable 73600 12/31/20 Interest Expense 58220 Interest Payable 9154 Bonds Payable 49067 3/1/21 Interest Expense 29110 Interest Payable 49067 Cash 4577 Bonds Payable 73600 9/1/21 Interest Expense 88017 Cash 14417 Bonds Payable 73600 12/31/21 Interest Expense 59158 Interest Payable 10092 Bonds Payable 49067 For situation 2 use the effective interest method for discount and premium amortization and prepare any necessary amortization tables. (Hint: Refer to Chapter 3 for tips on calculating.) (Round answers to decimal places, eg. 5,275.) Schedule of Bond Discount Amortization Effective Interest Method Premium Amortized Carrying Amount of Bonds Cash Paid Interest Expense 7273674 654631 $ 581894 $ 72737 7200937 654631 576075 78556 7122381 654631 569790 84840 7037541 654631 563003 91627 6945914 654631 555673 98958 6846956 654631 547756 106874 6740082 654631 539207 115424 6624658 654631 529973 124658 6500000 Prepare all of the relevant journal entries from the time of sale until the date indicated. For situation 2 prepare the journal entries through December 31, 2022. Assume that no reversing entries were made. Use the amounts arrived at from using the financial calculator. Use the effective interest method for discount and premium amortization. (Hint: Refer to Chapter 3 for tips on calculating.) (For calculation purposes, use 5 decimal places as displayed in the factor table provided and final answers to O 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 6/1/20 Cash 7273674 Bonds Payable 7273674 12/1/20 Interest Expense 581894 Bonds Payable 72737 Cash 654631 12/31/20 Interest Expense 96012 Bonds Payable 13093 Interest Payable 109105 6/1/21 Interest Expense 480062 Interest Payable 109105 Bonds Payable 65463 Cash 654631 10/1/21 Interest Expense 379860 Bonds Payable 56560 interest Payable 436420 (To record payment of interest and amortization amount) 10/1/21 Bonds Payable 1435788 Interest Payable 87284 Cash 2100000 (To record reacquisition of bonds) 12/1/21 Interest Expense 151944 IN Bonds Payable 22624 Cash 523704 12/31/21 Interest Expense 75067 Bonds Payable 12217 Cash 87284 6/1/22 Interest Expense 375336 Interest Payable 87284 Bonds Payable 61085 Cash 523704 12/1/22 Interest Expense 444538 Bonds Payable 79166 Cash 523704