Current Attempt in Progress

Presented below are two independent situations.

$($a$)$ Wildhorse Co$.$ sold $$1,930,000$ of $12\%,10-$year bonds at $106$ on January $1,2020.$ The bonds were dated January $1,2020,$ and pay

interest on July $1$ and January $1.$ If Wildhorse uses the straight$-$line method to amortize bond premium or discount, determine the

amount of interest expense to be reported on July $1,2020,$ and December $31,2020.($Round answer to $0$ decimal places, e$.$g$.38,548.)$

Interest expense to be recorded $

$($b$)$ Sheffield Inc. issued $$610,000$ of $9\%,10-y$ year bonds on June $30,2020,$ for $$505,047.$ This price provided a yield of $12\%$ on the

bonds. Interest is payable semiannually on December $31$ and June $30.$ If Sheffield uses the effective$-$interest method, determine the

amount of interest expense to record if financial statements are issued on October $31,2020.($Round intermediate calculations to $6$

decimal places, e$.$g$.1\mathrm{.}251247$ and final answer to $0$ decimal places, e$.$g$.38,548.$