Please, make journal entries for them

PROBLEM II

Part I

On May 1, 2019 Berry Corporation issued an $3,000,000, 20-year, 6% bond at 94 because the market rate of interest on that date was 8%. Interest is payable semi-annually.

REQUIRED:

Make the necessary journal entries for the following dates:

May 1, 2019: The day the bond was issued.

Oct. 31, 2019: The first interest payment under the straight-line method of bond discount amortization.

Oct. 31, 2019: The first interest payment under the effective interest method of bond discount amortization.

Dec. 31, 2019: The necessary adjusting entry under the straight-line method.

Dec. 31, 2019 The closing entry under the straight-line method of amortization.

Part II

Assume that on April 1, 2019 Berry Corporation issued an $3,000,000, 20-year, 8% bond at 105 because the market rate was 6%. Interest is payable semi-annually.

REQUIRED:

Make the necessary journal entries for the following dates:

May 1, 2019: The day the bond was issued.

Oct. 31, 2019: The first interest payment under the straight-line method of bond discount amortization.

Oct. 31, 2019: The first interest payment under the effective interest method of bond discount amortization.

Dec. 31, 2019: The necessary adjusting entry under the straight-line method.

Dec. 31, 2019 The closing entry under the straight-line method of amortization.