Question: Please explain how you got the answer. I just need help with what's in red. On January 1,2022, Oriole Company issued $485,000,11%,10-year bonds at face

Please explain how you got the answer.

I just need help with what's in red.

what's in red. On January 1,2022, Oriole Company issued $485,000,11%,10-year bonds at

On January 1,2022, Oriole Company issued $485,000,11%,10-year bonds at face value. Interest is payable annually on January 1. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare the journal entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare the journal entry to record the payment of interest on January 1, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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