Question: please help with bottom 2 journal entries for interest payment and ammortization for 2020 and 2022. thanks View Policies Current Attempt in Progress On January

please help with bottom 2 journal entries for interest payment and ammortization for 2020 and 2022. thanks
please help with bottom 2 journal entries for interest payment and ammortization
for 2020 and 2022. thanks View Policies Current Attempt in Progress On

View Policies Current Attempt in Progress On January 1, 2020, Tamarisk Inc. sold 15% bonds having a maturity value of $890,000 for $920,555, which provides the bondholders with a 14% yield. The bonds are dated January 1, 2020, and mature on January 1, 2025, with interest payable on January 1 of each year. The company follows IFRS and uses the effective interest method. Prepare the journal entry at the date of issue. (Round answers to 0 decimal places, es. 5.255. 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) Date Account Titles and Explanation Jan. 1, 2020 Date Cash Schedule of Interest Expense and Bond Premium Amortization Effective Interest Method Bonds Payable 1/1/22 Prepare a schedule of interest expense and bond amortization for 2020 through 2023 (Round answers to O decimal places, e.g. 5,275.) 1/1/23 1/1/20 1/1/21 S Credit Cash 133500 Interest Expense 133500 Bond Interest Payable 133500 Date Account Titles and Explanation Dec. 31, 2020 Debit Interest Expense Debit 5 128878 128231 127493 920555 Prepare the journal entries to record the interest payment and the amortization for 2020. (Round answers to 0 decimal places, e.g. 5,275. 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 0 for the amounts.) Debit Debit Bonds Payable Credit $ Credit Prepare the journal entries to record the interest payment and the amortization for 2020. (Round answers to 0 decimal places, e.g. 5,275. 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.) Date Account Titles and Explanation Dec. 31, Interest Expense 2020 Jan 1, 2021 Bond Interest Payable Cash Jan. 1, 2023 Date Account Titles and Explanation Dec. 31, 2022 Prepare the journal entries to record the interest payment and the amortization for 2022. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are autonitically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) Debit Save for Later Last saved 20 minutes ago. Saved work will be auto-submitted on the due date Auto-submission can take up to 10 minutes Credit Debit Credit Attempts: 0 of 3 used Submit

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!