On October 1, 2019, Irvine Corp. issued $400,000 8% bonds, due on October 1, 2024. Interest is to be paid semi-annually on April 1 and October 1. The bonds were sold to yield 10% effective annual interest. Irvine has a calendar year end. Required:

a) Complete the following amortization schedule for the dates indicated. Round all answers to the nearest dollar. Use the effective interest method and assume the carrying value provided is accurate. Discount Carrying Cash Paid Interest Expense Amortization Amount of Bonds Oct 1/19 $369,112 Apr 1/20 Oct 1/20 b) Prepare the adjusting entry required for these bonds at December 31, 2020. c) Calculate the interest expense to be reported in the income statement for the year ended December 31, 2020.