On January 1 , 2020 , Osborn Inc. sold 12 % bonds having a maturity of $ 800,000 that provides the bondholders with a 10 % yield . The bonds are dated January 1 , 2020 and mature on January 1 , 2025 with interest payable semi - annually on January 1 and July 1 of each year . The company follows IFRS and uses the effective interest method . Round calculations to the nearest dollar Instructions( find issue price also) 1 ) Prepare the journal entry at the date of issue 2 ) Prepare a schedule of interest expense and bond amortization for 2020 through 2023 3 ) Prepare the journal entries to record the interest payment and the amortization for 2020 4 ) Prepare the journal entries to record the interest payment and amortization for 2022 5 Assume that all the issued bonds are repurchased on July 1st , 2022 for $ 837,000 . Prepare the journal entry to record this transaction If Osborn prepares financial statements in accordance with ASPE , can Osborn choose a different method of amortizing any premium or discount on its bonds payable ? Explain your