Question: QUESTION #2 - CH 14 LONG TERM FINANCIAL LIABILITIES On May 1, 2020, Willy Ltd. (WL). Issued bonds with a face value of $800,000, maturity

QUESTION #2 - CH 14 LONG TERM FINANCIAL LIABILITIES On May

QUESTION #2 - CH 14 LONG TERM FINANCIAL LIABILITIES On May 1, 2020, Willy Ltd. ("WL"). Issued bonds with a face value of $800,000, maturity date of November 1 2028, bond Issue costs of $40,000, and a contract rate of 99 when the marketi yield for similar bonds was 8% with interest payable semi-annually on May 1 and November 1 www On May 1, 2021 after interest was paid, WL repurchased (redeemed) 25% of the bonds for $185,000 The company uses the effective interest method of amortization and keeps a separate account in the general ledger for any unamortized discount or premium. w REQUIRED Prepare all journal entries from May 1, 2020 to November 1, 2021 inclusive, assuming WL has a December 31 year end

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