Part 7

On May 1 2020 Oriole Corp. issued $920,000 12% 5-year bonds at face value. The bonds were dated May 1 2020, and pay interest annually on May 1 Financial statements are prepared annually on Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically Indented when amount is entered. Do not indent manualy.) Date Account Titles and Explanation Debit Credit May 1, 2020 Prepare the adjusting entry to record the accrual of interest on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places,e.g. 5,675) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 | Show the balance sheet presentation on December 31, 2020. (Enter account name only and do not provide descriptive information. Round answers to O decimal places, e.g. 5,675.) Oriole Corp. Balance Sheet (Partial) LINK TO TEXT LTK TO TEXT Prepare the journal entry to record payment of interest on May 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to o decimal places, e.g. 5,675.) Date Account Titles and Explanation Debit Credit May 1, 2021 the adjusting entry Prepare t recard the accrual af interest on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to o decimal places,e.g.5,675) automatically Indented Date Account Titles and Explanation Credit Dec. 31, 2021 Assume that on January 1, 2022, Oriole pays the accrual bond interest and calls the bands. The call price is 101. Record the payment of interest and redemption of the bands. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to o decimal places, eg. 5,675.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 To record payment of interest) an, 1, 2022 To record redemption of the bonds)