On January 1, 2025, Swifty Company sold 12% bonds having a maturity value of $550,000.00 for...

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On January 1, 2025, Swifty Company sold 12% bonds having a maturity value of $550,000.00 for $591,698.14, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2025, and mature January 1, 2030, with interest payable December 31 of each year. Swifty Company allocates interest and unamortized discount or premium on the effective-interest basis. Click here to view factor tables. (a) Your answer is correct. Prepare the journal entry at the date of the bond issuance. (Round answer to 2 decimal places, eg. 38,548.25. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation January 1. 2025 Cash Bonds Payable Debit 591698.14 Credit Prepare a schedule of interest expense and bond amortization for 2025-2027. (Round answer to 2 decimal places, eg. 38,548.25) Schedule of Interest Expense and Bond Premium Amortization Effective-Interest Method Cash Interest Date Paid Expense Premium Amortized Carryir Value of B 1/1/25 $ $ $ $ 12/31/25 12/31/26 12/31/27 eTextbook and Media List of Accounts On January 1, 2025, Swifty Company sold 12% bonds having a maturity value of $550,000.00 for $591,698.14, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2025, and mature January 1, 2030, with interest payable December 31 of each year. Swifty Company allocates interest and unamortized discount or premium on the effective-interest basis. Click here to view factor tables. (a) Your answer is correct. Prepare the journal entry at the date of the bond issuance. (Round answer to 2 decimal places, eg. 38,548.25. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation January 1. 2025 Cash Bonds Payable Debit 591698.14 Credit Prepare a schedule of interest expense and bond amortization for 2025-2027. (Round answer to 2 decimal places, eg. 38,548.25) Schedule of Interest Expense and Bond Premium Amortization Effective-Interest Method Cash Interest Date Paid Expense Premium Amortized Carryir Value of B 1/1/25 $ $ $ $ 12/31/25 12/31/26 12/31/27 eTextbook and Media List of Accounts