On June 30, 2020, Blossom Limited issued $2 million of 20-year, 13% bonds for $2,320,916, which provides a yield of 11%. The company uses the effective interest method to amortize any bond premium or discount. The bonds pay semi-annual interest on June 30 and December 31.

Prepare the journal entries to record the following transactions: (Round answers to 0 decimal places, e.g. 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 0 for the amounts.)

1. The issuance of the bonds on June 30, 2020

2. The payment of interest and the amortization of the premium on December 31, 2020

3. The payment of interest and the amortization of the premium on June 30, 2021

4. The payment of interest and the amortization of the premium on December 31, 2021

Date Account Titles and Explanation Debit Credit

June 30, 2020 enter an account title for the journal entry on June 30 enter a debit amount enter a credit amount enter an account title for the journal entry on June 30 enter a debit amount enter a credit amount Dec. 31, 2020 enter an account title for the journal entry on December 31 enter a debit amount enter a credit amount enter an account title for the journal entry on December 31 enter a debit amount enter a credit amount enter an account title for the journal entry on December 31 enter a debit amount enter a credit amount June 30, 2021 enter an account title for the journal entry on June 30 enter a debit amount enter a credit amount enter an account title for the journal entry on June 30 enter a debit amount enter a credit amount enter an account title for the journal entry on June 30 enter a debit amount enter a credit amount Dec. 31, 2021 enter an account title for the journal entry on December 31 enter a debit amount enter a credit amount enter an account title for the journal entry on December 31 enter a debit amount enter a credit amount enter an account title for the journal entry on December 31 enter a debit amount enter a credit amount

Show the proper presentation for the liability for bonds payable on the December 31, 2020 SFP. (Round answer to 0 decimal places, e.g. 5,275.)

Blossom Limited Statement of Financial Position (Partial) chooses the accounting period to select an opening section name to enter a balance sheet item $enter a dollar amount. What amount of interest expense is reported for 2020? Interest expense to be reported $enter a dollar amount of Interest expense to be reported What is the total cost of borrowing over the life of the bond? (Round answer to 0 decimal places, e.g. 5,275.)