Sarasota Corp. issued $420,000, 6%, 25-year bonds on January 1, 2017, for $371,056. This price resulted in an effective-interest rate of 7% on the bonds. Interest is payable annually on January 1. Sarasota uses the effective-interest method to amortize bond premium or discount.

Prepare the schedule using effective-interest method to amortize bond premium or discount of Sarasota Corp.. (Round answers to 0 de Unamortized Bond Interest Interest to Interest Expense Periods Discount Be Paid to Be Recorded Amortization DiscountCarrying Value Issue date Prepare the journal entry to record the issuance of the bonds. (Round answers to o decimal places,e.g.5,275. Credit account titles entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2017 Prepare the journal entry to record the accrual of interest and the discount amortization on December 31, 2017. (Round answers to o are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31, 2017 Prepare the journal entry to record the payment of interest on January 1, 2018. (Round answers to O decimal places, e.g. 5,275. Credit when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1, 2018 Click if you would like to Show Work for this question: Open Show Work