Would you be able to shoe the steps on how to figure out the amounts?
In each of the following independent cases, the company closes its books on December 31. Sandhill Co. sells $464,000 of 8% 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 yield 12%. 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 Carrying Cash Interest Discount Amount of Date Paid Expense Amortized Bonds 3/1/20 $ 9/1/20 18560 3/1/21 18560 9/1/21 18560 3/1/22 18560 9/1/22 18560 3/1/23 18560 9/1/23 18560Prepare 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 not indent manually.) 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 Date Account Titles and Explanation Debit Credit 3/1/20 Cash Discount on Bonds Payable Bonds Payable 9/1/20 v Interest Expense Discount on Bonds Payable Cash 12/31/20 v Interest Expense Discount on Bonds Payable Interest Payable 3/1/21 Interest Expense Interest Payable Discount on Bonds Payable Cash 9/1/21 Interest Expense Discount on Bonds Payable Cash 12/31/21 v Interest Expense Discount on Bonds Payable Interest PayableTeal Co. sells $440,000 of 12% bonds on June 1, 2020. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2024. The bonds yield 8%. On October 1, 2021, Teal buys back $132,000 worth of bonds for $137,000 (includes accrued interest). Give entries through December 1, 2022. 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 Carrying Cash Interest Premium Amount of Date Paid Expense Amortized Bonds 6/1/20 12/1/20 6/1/21 12/1/21 6/1/22 12/1/22 6/1/23 12/1/23 6/1/24 * Difference due to roundingPrepare all of the relevant journal entries from the time of sale until December 31, 2022. (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 6/1/20 cash Premium on Bonds Payable Bonds Payable 12/1/20 Interest Expense Premium on Bonds Payable Cash 12/31/20 Interest Expense Premium on Bonds Payable Interest Payable 6/1/21 Interest Expense Interest Payable Premium on Bonds Payable Cash 10/1/21 Interest Expense Premium on Bonds Payable Cash (To record interest expense and premium amortization) 10/1/21 Bonds Payable Premium on Bonds Payable Gain on Redemption of Boi Cash (To record buy back of bonds)12/1/21 Interest Expense Premium on Bonds Payable Interest Payable 12/31/21 Interest Expense Interest Payable Premium on Bonds Payable 6/1/22 Interest Expense Interest Payable Premium on Bonds Payable Cash 12/1/22 Interest Expense Premium on Bonds Payable Cash
