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Current Attempt in Progress On May 1, 2021, Oriole Corp. issued $855,000 of 5-year, 8% bonds at 98. The bonds pay interest annually on May 1. Oriole's year end is April 30. Record the issue of the bonds on May 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit May 1 Cash 8,37.900 Bonds Payable 8.37.900 Calculate the effective rate of the bonds using Excel or a financial calculator. (Round answer to 4 decimal places, e.g. 1.5751.) Effective rate 8.5076 % e Textbook and Media wy $ $ $ 837900 68.400 840785 71,285 2855 68,400 71,531 3131 843916 68.400 71,797 3397 847314 68,400 71,086 3686 8,51,000 68,400 71,797 3397 847314 68,400 71,086 3686 8,51,000 68,400 72,400 4000 8,55,000 Record the accrual of interest at April 30, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to O decimal places, eg. 5,276.) Debit Credit Date Account Titles and Explanation Apr. 30 (To accrue interest expense.) Record the interest payment on May 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit May 1 (To record interest payment.) Assuming instead that Oriole has a December 31, 2021, year end, prepare the adjusting entry relating to these bonds and the subsequent interest payment on May 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 5,276.) Date Account Titles and Explanation Debit Credit Dec. 31 (To accrue interest expense.) (To accrue interest expense.) May 1 (To record interest payment.) Assume that on May 1, 2022, after payment of the interest, Oriole redeems all of the bonds at 104. Record the redemption of the bonds. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to O decimal places, e.g. 5,276.) Date Account Titles and Explanation Debit Credit May 1 (To record redemption of bonds.) Record the issue of the bonds on May 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit May 1 Cash 8,37,900 Bonds Payable 8,37,900 $ i $ $ 83790d 68,400 71.285 2855 840785 68,400 71,531 3131 843916 68,400 71.797 3397 847314 68,400 71,086 3686 8,51,000 68,400 72,400 4000 8,55,000