SOLVE PART C

On January 1, 2022, Wildhorse Co. issued $2,360,000 face value, 7%, 10-year bonds at $2,201,642. This price resulted in an effective-interest rate of 8% on the bonds. Wildhorse uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1. (a) y/ Your answer is correct. Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1' Cash 2201642 2022 Discount on Bonds Payable 158358 | Bonds Payable l | 2360000 Prepare an amortization table through December 31, 2024 (three interest periods) for this bond issue. (Round answers to O decimal places, e.g. 15,250.) Wildhorse Co. Bond Discount Amortization Effective-Interest Method-Annual Interest Payments Interest Expense to Be Recorded Discount Amortization Unamortized Discount Bond Carrying Value $ 158358 $ 2,201,642 LA 176,131 $ 10931 147427 2212573 177006 11806 135621 2224379 177950 12750 122871 2237129(C) Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2022. (Round answers to 0 decimal places, e3. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2022 Effec Annual Interest Interest E Periods Interest to Be Paid to Be Rec Issue date $ 165,200 $ N 165,200 3 165,200