Sarasota Corp. invested in a three-year, $100 face value 8% bond, paying $114.14. At this price, the bond will yield a 3% return. Interest is payable annually. Prepare a bond premium amortization table for Sarasota Corp., assuming Sarasota uses the effective interest method required by IFRS. (Round answers to 2 decimal places, e.g. 52.75.) Bond Premium Amortization Table Bond Premium Interest Income Amortization Date Cash Received Amortized Costc Day $ 1 End Year 1 $ $ $ End Year 2 End Year 3 $ $ $ CA Prepare journal entries to record the initial investment, receipt of interest, and recognition of interest income in each of the three years, and the maturity of the bond at the end of the third year. (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. Round answers to 2 decimal places, eg. 52.75.) Date Account Titles and Explanation Debit Credit Day 1 End of Year 1 End of Year 2 End of Year 3 (To record interest collected) (To record maturity of bond investment) Assuming Sarasota Corp. applies ASPE and has chosen to use the straight-line method of amortization, determine the amount of premium that is amortized each year. (Round answer to 2 decimal places, e.g. 52.75.) Straight line premium amortization $ each year. Under the above assumption, prepare journal entries to record the initial investment, receipt of interest, and recognition of interest income in each of the three years, and the maturity of the bond at the end of the third year. (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 Ofor the amounts. Round answers to 2 decimal places, e.g. 52.75.) Date Account Titles and Explanation Debit Credit Day 1 End of Year 1 End of Year 2 End of Year 3 (To record interest collected) (To record maturity of bond investment) Compare the total interest income under the two methods over the three-year period. (Round final answers to 2 decimal places eg. 52.75.) Effective interest method $ $ Straight line method Total interest income under the two methods V