Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help me Prepare the journal entries to record the interest payment and the amortization for 2022. (Round answers to decimal places, e.g. 5,275. Credit
Please help me
Prepare the journal entries to record the interest payment and the amortization for 2022. (Round answers to 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2022 Jan. 1, 2023 On January 1, 2020, Marin Inc. sold 12% bonds having a maturity value of $710,000 for $736,241, which provides the bondholders with a 11% yield. The bonds are dated January 1, 2020, and mature on January 1, 2025, with interest payable on January 1 of each year. The company follows IFRS and uses the effective interest method. Prepare the journal entry at the date of issue. (Round answers to O decimal places, e.g. 5,255. 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 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 Prepare a schedule of interest expense and bond amortization for 2020 through 2023. (Round answers to 0 decimal places, e.g. 5,275.) Schedule of Interest Expense and Bond Premium Amortization Effective Interest Method Credit Cash Debit Interest Expense Debit Bonds Payable Carrying Amount of Bonds Date $ 1/1/20 1/1/21 $ $ $ 1/1/22 1/1/23 Prepare the journal entries to record the interest payment and the amortization for 2020. (Round answers to O 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Jan. 1, 2021Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started