Explain how to calculate this to get an answer like the key above for number 127, 128, and 129

Chapter : LONG-TERM LIABILITIES

127. Silcon Company issued $800,000 of 6%, 10-year bonds on one of its interest dates for $690,960 to yield an effective annual rate of 8%. The effective-interest method of amortization is to be used. What amount of discount (to the nearest dollar) should be amortized for the first interest period?

128. The journal entry on the first interest payment date, to record the payment of interest and amortization of discount will include a

129. How much bond interest expense (to the nearest dollar) should be reported on the income statement for the end of the first year?

Use the following information for questions 127-129. Silcon Company issued $800,000 of 6%, 10-year bonds on one of its interest dates for $690,960 to yield an effective annual rate of 8%. The effective-interest method of amortization is to be used *127. What amount of discount (to the nearest dollar) should be amortized for the first interest period? a. $22,542 b. $10,904 C. $14,554 d. $7,277 *128. The journal entry on the first interest payment date, to record the payment of interest and amortization of discount will include a a. debit to Bond Interest Expense for $48,000. b. credit to Cash for $55,277. o credit to Discount on Bonds Payable for $7,277. d. debit to Bond Interest Expense for $64,000. "129. How much bond interest expense (to the nearest dollar) should be reported on the income statement for the end of the first year? a. $55,422 b. $55,277 c. $55,131 d. $48,000