P$13\mathrm{.}5($LO $1,2)$ Excel $($Comprehensive Bond Problem$)$ In each of the following independent cases, the company closes its books on December $31.$

Sanford Co$.$ sells $$500,000$ of $10\%$ bonds on March $1,2025.$ The bonds pay interest on September $1$ and March $1.$ The due date of the bonds is September $1,2028.$ The bonds yield $12\%.$ Give entries through December $31,2026.$

Titania Co$.$ sells $$400,000$ of $12\%$ bonds on June $1,2025.$ The bonds pay interest on December $1$ and June $1.$ The due date of the bonds is June $1,2029.$ The bonds yield $10\%.$ On October $1,2026,$ Titania buys back $$120,000$ worth of bonds for $$126,000($includes accrued interest$).$ Give entries through December $1,2027.$

Instructions

For the two cases prepare all of the relevant journal entries from the time of sale until the date indicated. Use the effective$-$interest method for discount and premium amortization $($construct amortization tables where applicable$).$ Amortize premium or discount on interest dates and at year$-$end. $($Assume that no reversing entries were made.$)$ PLEASE INCLUDE THE FORMULAS VIEW USING EXCEL