SOLVE PART (e)

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) V 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 I | 2360000 (b) Your Answer Correct Answer V Your answer is correct. Prepare an amortization table through December 31, 2024 (three interest periods) for this bond issue. (Round answers to 0 decimal' places, as. 15,250.) Wild horse C0. Bond Discount Amortization Effective-Interest Method Annua| Interest Payments Annual Interest Interest Expense Periods Interest to Be Paid to Be Recorded Discount Amortization Unamortize Issue date $ 1 $ 165,200 $ 176,131 $ 10931 ::: ::: 3 165,200 177950 12750 WW \f( c ). V Your answer is correct. Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2022. (Round answers to O decimal places, e.g. 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 Interest Expense 176131 Interest Payable 165200 Discount on Bonds Payable 10931(d) V Your answer is correct. Prepare the journal entry to record the payment of interest on January 1, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Jan. 1, 2023 Account Titles and Explanation Debit Credit Interest Payable | 165200 | | Cash 165200 (e) Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2023. (Round answers to O decimal places, e.g. 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, 2023