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Exercise 14-10 On January 1, 2017, Skysong Company sold 12% bonds having a maturity value of $590,000 for $684,226, which provides the bondholders with a 8% yield. The bonds are dated January 1, 2017, and mature January 1, 2022, with interest payable December 31 of each year. Skysong Company allocates interest and unamortized discount or premium on the effective-interest basis. Your answer is correct. Prepare the journal entry at the date of the bond issuance. (Round answer to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation January 1, 2017 Tcash v Bonds Payable JU T 500,000 590,000 Premium on Bonds Payable T 94,226 SHOW LIST OF ACCOUNTS LINK TO TEXT xl Your answer is incorrect. Try again. x Your answer is incorrect. Try again. Prepare a schedule of interest expense and bond amortization for 2017-2019. (Round answer to 0 decimal places, e.g. 38,548.) Schedule of Interest Expense and Bond Premium Amortization Effective-Interest Method Cash Interest Premium Carrying Date Paid Expense Amortized Amount of Bonds 1/1/17 12/31/17 5555 12/31/18 12/31/19 x Your answer is incorrect. Try again. Prepare the journal entry to record the interest payment and the amortization for 2017. (Round answer to o decimal places, e.g. 38,548. If no entry is required, se x Your answer is incorrect. Try again. Prepare the journal entry to record the interest payment and the amortization for 2017. (Round answer to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31, 2017 x Your answer is incorrect. Try again. Prepare the journal entry to record the interest payment and the amortization for 2019. (Round answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31, 2019 Click if you would like to Show Work for this question: Open Show Work

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