Question: Cornerstone Exercise 9-38 Bonds Issued at a Premium (Effective Interest) Charger Battery issued $200,000 of 11%, 7-year bonds on January 1, 2020, for $220,132. Interest

Cornerstone Exercise 9-38 Bonds Issued at a Premium (Effective Interest)

Charger Battery issued $200,000 of 11%, 7-year bonds on January 1, 2020, for $220,132. Interest is paid annually on December 31. The market rate of interest is 9%.

Required:

Prepare the journal entries for December 31, 2021 and 2022. If required, round your answers to the nearest whole dollar.

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