On January 1, 2017, Tamarisk Inc. sold 15% bonds having a maturity value of $890,000 for $920,555, which provides the bondholders with a 14% yield. The bonds are dated January 1, 2017 and mature on January 1, 2022, with interest payable on January 1 of each year. The company follows IFRS and uses the effective interest method.

Prepare the journal entry at the date of issue.

Prepare a schedule of interest expense and bond amortization for 2017 through 2020.

Prepare the journal entries to record the interest payment and the amortization for 2017