Question 1 On January 1, 2020, Whispering Winds Limited paid $593,918.05 for 10% bonds with a maturity value of $550,000. The bonds provide the bondholders with a 8% yield. They are dated January 1, 2020, and mature on January 1, 2025, with interest receivable on December 31 of each year. Whispering Winds accounts for the bonds using the amortized cost approach, applies ASPE using the effective interest method, and has a December 31 year end. Your answer is partially correct. Try again. Prepare bond amortization schedule. (Round answers to 2 decimal places, e.g. 52.75.) Schedule of Interest Income and Bond Premium Amortization Effective Interest Method Interest Income Premium Amortization Date Cash Received Carrying Amount of Bonds 01/01/20 593918.05 12/31/20 55000.00 47513.44 7486.56 586431.49 12/31/21 55000.00 46914.52 8085.48 578346.01 12/31/22 55000.00 46267.68 8732.32 569613.69 E 12/31/23 55000.00 45569.1 9430.9 560182.79 12/31/24 55000.00 44814.62 10185.38 550000 275000.00 231079.36 43920.64