Question: send answer as soon as possible Question 3 On January 1, 2021, Poet Corporation issued 5-year, 8% bond with a maturity value of $150,000. The

send answer as soon as possible Question 3 On January 1,

send answer as soon as possible

Question 3 On January 1, 2021, Poet Corporation issued 5-year, 8% bond with a maturity value of $150,000. The bonds sell at 97.00 and pay interest on July 1 and January 1. Denver Corporation amortizes the bond using the effective interest rate method. The market rate is 9%. Required Prepare the journal entries to record the sale of the bond, the interest expense for July 1 and the interest accrual for December 31 (company has a year end of December 31). Explanations are not required. (9 marks) DATE ACCOUNT DEBIT CREDIT

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