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On January 1, 2020, Windsor Inc. issued $560,000 of 5-year, 4% bonds to yield a market interest rate of 5%. Interest is paid every quarter

On January 1, 2020, Windsor Inc. issued $560,000 of 5-year, 4% bonds to yield a market interest rate of 5%. Interest is paid every quarter on January 1, April 1, July 1, and October 1. Windsor has a calendar year end.

After recording the December 31, 2021 accrual for quarterly interest, and making the payment on January 1, 2022, all the bonds were redeemed at 101.

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Prepare the journal entry to record the accrual of interest and the bond amortization on December 31, 2021. (Credit acco Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amo Date Account Titles and Explanation Debit Credit Dec. 31, 2021 M X Interest Expense 535 160 X x cash 9127.91 Bonds Payable 544487.91

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