Teal Co. sells $464,000of8% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield12%. Give entries through December 31, 2021.

Prepare a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end.(Round answers to 0 decimal places, e.g. 38,548.)

Schedule of Bond Discount Amortization

Effective-Interest Method

Bonds Sold to Yield

Date

Cash

Paid

Interest

Expense

Discount

Amortized

Carrying

Amount of

Bonds

3/1/20$

$

$

$

9/1/20

3/1/21

9/1/21

3/1/22

9/1/22

3/1/23

9/1/23

Prepare all of the relevant journal entries from the time of sale until December 31, 2021. (Assume that no reversing entries were made.)(Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to 0 decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

3/1/20

3/1/20

9/1/20

12/31/20

3/1/21

9/1/21

12/31/21

3/1/20

9/1/20

12/31/20

3/1/21

9/1/21

12/31/21

3/1/21

3/1/20

9/1/20

12/31/20

3/1/21

9/1/21

12/31/21

3/1/20

9/1/20

12/31/20

3/1/21

9/1/21

12/31/21

Teal Co. sells $464,000of8% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield12%. Give entries through December 31, 2021.

Prepare a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end.(Round answers to 0 decimal places, e.g. 38,548.)

Prepare all of the relevant journal entries from the time of sale until December 31, 2021. (Assume that no reversing entries were made.)