On January 1, 2020, Kingbird Inc. sold 11% bonds having a maturity value of $720,000 for $776,010, which provides the bondholders with a 9% yield. The bonds are dated January 1, 2020, and mature on January 1, 2025, 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. (Round answers to decimal places, eg. 5,255. 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 Jan. 1, 2020 Cash 776010 Bonds Payable 776010 Date Credit Cash Debit Interest Expense Debit Bonds Payable Carrying Amount of Bonds 1/1/20 1/1/21 $ 72000 $ 1/1/22 72000 1/1/23 72000 Prepare the journal entries to record the interest payment and the amortization for 2020. (Round answers to 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 Dec. 31, 2020 Jan. 1, 2021 lepare the journal entries to record the interest payment and the amortization for 2022. (Round answers to decimal places, eg. 275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select Ho Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2022 Jan. 1, 2023 Curt Attempt in Progress On January 1, 2020, Kingbird Inc sold 11% bonds having a maturity value of $720.000 for $776,010, which provides the bondholders with a 9% yield. The bands are dated January 1, 2020, and mature on January 1, 2025, with interest payable on January 1 of excha The company follows IFRS and uses the effective interest method Prepare the journal entry at the date of issue. (Round answers to decimal places, 5.255.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 Jan. 1 2020 Cash 776010 Bonds Payable 770010 e Textbook and Media List of Accounts onswers to decimal ple Schedule of Interest Expense and Bond Premium Amortization Effective Interest Method Debit Interest Expense Credit Cash Date Debit Bonds Payable An 1/1/20 $ 1/1/21 72000 $ 1/1/22 72000 1/1/23 72000 Prepare the journal entries to record the interest payment and the amortization for 2020. (Round answers to decimal places 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 Dec. 31, 2020 Jan 1, 2021 Prepare the journal entries to record the interest payment and the amortization for 2022. (Round answers to decimal places, es 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 Dec. 31, 2022 Jan. 1, 2023 Taythook and Media
