Suppose EasyFlight Airlines issued $100,000 of 10%, five-year bonds when the market interest rate is 14%. The market price of the bonds drops, and Southwest receives $85.520 when the bonds are issued. The transaction was recorded as follows: (Click the icon to view the transaction.) EasyFlight's journal entries to record interest expense and amortize the bond discount in the first year follows: (Click the icon to view the journal entries.) At December 31, 2021, Easy (Click the icon to view t What would EasyFlight Airlin Transaction Journal Entry Begin by completing the ince Income Statement for 202 Date Accounts and Explanation Debit Credid 2021 Cash 85,920 Jan 1 Discount on Bonds Payable 14,080 Bonds Payable 100,000 To issue bonds at a discount Chack answer Flight Airlines issu transaction was Con to view the tra Journal entries Bill Annuar 19.02.62 of 100 points - X thwest receives $85,920 w Journal Entry arnal entries to red Date Accounts and Explanation Debit Credit Con to view the jo 1, 2021, EasyFlig con to view the ac 2021 Interest Expense 6,014 Jul 1 Discount on Bonds Payable 1,014 Cash 5,000 syFlight Airlines' 2 To pay semiannual interest and amortize bond discount. Dec 31 Interest Expense 6,085 Discount on Bonds Payable 1,085 5,000 eting the income ment for 2021 Interest Payable To accrue semiannual interest and amortize bond discount. Print Done Clear all Che es issued $100 on was recorded w the transaction es to record inter the journal ent CasyFlight's bond w the accounts.) irlines' 2021 inco Accounts Bonds Payable 100,000 Discount on Bonds Payable 14,080 1,014 1,085 Bal 11,981 income statemer 2021 Bond carrying amount, $88,019 $100,000-$11,981.) Print Done X and Southwest receives $85.92m Clear all LOCIS Save Suppose EasyFlight Airlines issued $100,000 of 10%, five-year bonds when the market interest rate is 14%. The market price of the bonds drbs and Southwest cives $85 320 when the bonds are issued. The transaction was recorded as follows: (Click the icon to view the transaction.) EasyFlight's journal entries to record interest expense and amortize the bond discount in the first year follows: (Click the icon to view the journal entries.) At December 31, 2021, EasyFlight's bond accounts appear as follows: Click the icon to view the accounts.) What would EasyFlight Airlines' 2021 income statement and year-end balance sheet report for these bonds? Begin by completing the income statement for 2021. Income Statement for 2021 Etext pages Calculator Ask my instructor A Tune here to search C Clear all Check answer 547 1844