Can I ask for the solutions for this problem? This is about Intermediate Accounting.

Problem#2

On Dec. 31, 2020, Shield Company sold a 12% serial bond issue with face amount of 7,000,000 for 7,420,000.

The bonds mature in the amount of 1,000,000 on Dec. 31 of each year beginning Dec. 31, 2021 and interest is payable annually.

Note: Use Bond Outstanding Method

Requirements:

1.) Carrying amount of Bonds Payable on December 31, 2020

2.) Premium Amortization on 2021

3.) Interest Expense on 2021

4.) Carrying amount of Bonds Payable on December 31, 2021

5.) Premium Amortization on 2022

6.) Interest Expense on 2022

7.) Carrying amount of Bonds Payable on December 31, 2022