Show Attempt History Current Attempt in Progress On January 1,2021. Ivanhoe Ltd. issued $ 550,000 of 5%, 5-year bonds. The bonds were issued to yield a market interest rate of 6%. Ivanhoe's year end is December 31. On January 1, 2023 immediately after making and recording the semi-annual interest payment, Ivanhoe redeemed the bonds. A partial bond amortization schedule is presented below. Semi-Annual Interest Period Interest Payment Interest Expense Amortization Bond Amortized Cost $526,542 Jan. 1.2021 July 1, 2021 13,750 $15.796 $ 2,046 528,588 Jan. 1.2022 13.750 15,858 2.108 530,696 July 1.2022 13.750 15.921 2.171 532.867 Jan 1.2023 13.750 15.986 2.236 535.103 Prepare the journal entry to record the payment of interest on July 1, 2021. (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 July 1 Interest Expense 15796 2046 Cash 13750 To record interest payment.) Prepare the journal entry to accrue the interest expense on December 31, 2021. (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 Dec. 31 Interest Expense 15858 2108 13750 Interest Payable (To accrue interest expense Prepare the journal entry to record the payment of interest on January 1, 2022. (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 13750 Jan. 1 Interest Payable 13750 Cash (To record interest payment.) Prepare the journal entry to record the redemption of the bonds assuming they were redeemed at 100 on January 1, 2023. (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 To record redemption of bonds) Prepare the journal entry to record the redemption of the bonds assuming they were redeemed at 96. (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 (To record redemption of bonds)
