On January $1,2022,$ Concord Corporation issued $$1,300,000$ face value, $7\%,10-$year bonds at $$1,395,681.$ This price resulted in a $6\%$ effective$-$interest rate on the bonds. Concord uses the effective$-$interest method to amortize bond premium or discount. The bonds pay annual interest on each January $1.$

$($a$)$

Prepare the journal entries to record the following transactions. $($Round answers to $0$ decimal places, e$.$g$.15,250.$ Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

$(1)$ The issuance of the bonds on January $1,2022.$

$(2)$ Accrual of interest and amortization of the premium on December $31,2022.$

$(3)$ The payment of interest on January $1,2023.$

$(4)$ Accrual of interest and amortization of the premium on December $31,2023.$

Question $29$ of $34$

$\frac{-}{15}$

No$.$

Date

Account Titles and Explanation

Debit

Cre

$(1)$ Jan. $1,2022$

$(2)$ Dec. $31,2022$

$(3)$ Jan. $1,2023$

$$

$$

$$

$$

$$

$$

$(4)$ Dec. $31,2023$

$$

$$

$$

$$

$$

$$

$$

$$

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