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Please help me , I have only 15 minutes, please answer very fast please Please help EE 19 POINTS) January 1, 2020, Manama Corporation issued

Please help me , I have only 15 minutes, please answer very fast please
Please help
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EE 19 POINTS) January 1, 2020, Manama Corporation issued 8%, $2,400,000 bonds for 92.778. due on January 1, 2025. The interest is paid semiannually on January and July 1 The bonds were sold to yield 10% effective annual interest. Manama Corporation uses effective interest rate for amortization of discount or premium and closes its books annually on December 31. Instructions: (a) Prepare the journal entries for the issue of bonds on January 1, 2020 (b) Complete the amortization schedule for the first two interest payments. (c) Prepare the journal entries for the interest expense on December 31, 2020. Answer: (a) The journal entries for the issue of bonds on January 1, 2020. Jan. 1. 2020 (b) The amortization schedule for the dates indicated. Date Cash Paid Interest Discount Expense Amortization Jan. 1, 2020 July 1, 2020 Jan. 1, 2021 Carrying Value of Bonds (c) Prepare the journal entries for the interest expense on c. Dec. 31, 2020 Page 4

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