View Policies Current Attempt in Progress On January 1, 2020, Oriole Company issued 2,360,000, 9%, 10-year bonds at 2.518.358. This price resulted in a 8% effective- interest rate on the bonds. Oriole uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on each January 1. Prepare the journal entries to record the following transactions. (Round answers to O decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) The issuance of the bonds on January 1, 2020. (2) Accrual of interest and the amortization of the premium on December 31, 2020. (3) The payment of interest on January 1, 2021. (4) Accrual of interest and amortization of the premium on December 31, 2021. No. Date Account Titles and Explanation (1) Jan. 1, 2020 Debit Credit No. Date Account Titles and Explanation (3) Jan 1 2020 Dec (2) 31, 2020 B Jan 1. 2021 F (4) Dec 31. 2021 Debit Credit Show the proper long-term liabilities statement of financial position presentation for the liability for bonds payable at December 31.2021. (Round answers to O decimal places, e.g. 15,250. Enter account name only and do not provide descriptive information.) eTextbook and Media List of Accounts Oriole Company Statement of Financial Position (Partial) Provide the answers to the following questions. (1) What amount of interest expense is reported for 2021? (Round answers to O decimal places, e.g. 15,250.) Interest expense reported for 2021 List of Accounts Provide the answers to the following questions. (1) What amount of interest expense is reported for 2021? (Round answers to O decimal places, e.g. 15,250.1 Interest expense reported for 2021 (2) Would the bond interest expense reported in 2021 be the same as, greater than, or less than the amount that would be reported if the straight-line method of amortization were used? The bond interest expense reported in 2021 will be eTextbook and Media List of Accounts Save for Later the amount that would be reported if the straight-line meth Attempts: 0 of 3 used Submit