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please fill in all blanks even if they are currently incorrect Metlock Co. sells $ 433,000 of 12% bonds on June 1, 2020. The bonds
please fill in all blanks even if they are currently incorrect
Metlock Co. sells $ 433,000 of 12% bonds on June 1, 2020. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2024. The bonds yield 8%. On October 1, 2021, Metlock buys back $ 129,900 worth of bonds for $ 135,900 (includes accrued interest). Give entries through December 1, 2022. Prepare a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end. (Round answers to 0 decimal places, e.g. 38,548.) Schedule of Bond Discount Amortization Effective-Interest Method Bonds Sold to Yield Cash Paid Interest Expense Premium Amortized Carryir Amount Bond: Date 6/1/20 $ $ $ $ 12/1/20 25980 1 6/1/21 25980 12/1/21 25980 6/1/22 25980 12/1/22 25980 6/1/23 25980 Schedule of Bond Discount Amortization Effective-Interest Method Bonds Sold to Yield Cash Paid Interest Expense Premium Amortized Carryir Amount Bond: Date 6/1/20 $ $ $ $ 12/1/20 25980 6/1/21 25980 12/1/21 25980 6/1/22 25980 12/1/22 25980 6/1/23 25980 12/1/23 25980 6/1/24 25980 Prepare all of the relevant journal entries from the time of sale until December 31, 2022. (Assume that no reversing entries were made.) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to O decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 6/1/20 Cash Premium on Bonds Payable Bonds Payable 12/1/20 Interest Expense Premium on Bonds Payable Cash 12/31/20 Interest Expense Premium on Bonds Payable Interest Payable 6/1/21 Interest Expense Interest Payable 6/1/21 Interest Expense Interest Payable Premium on Bonds Payable Cash 10/1/21 Interest Expense Premium on Bonds Payable Cash (To record interest expense and premium amortization) 10/1/21 Bonds Payable Premium on Bonds Payable Gain on Redemption of Bonds Cash (To record buy back of bonds) 12/1/21 Interest Expense 12/1/21 Interest Expense Premium on Bonds Payable Cash 12/31/21 Interest Expense Premium on Bonds Payable Bonds Payable 6/1/22 Interest Expense Interest Payable Premium on Bonds Payable Cash 12/1/22 Interest Expense Premium on Bonds Payable Bonds PayableStep by Step Solution
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