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Pls answer Part B On January 1, 2020, Aumont Company sold 12% bonds having...

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Pls answer Part B

On January 1, 2020, Aumont Company sold 12% bonds having a maturity value of $500,000 for $537,907, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Aumont Company allocates interest and unamortized discount or premium on the effective-interest basis. (a) Your answer is correct. Prepare the journal entry at the date of the bond issuance. (Round answer to 0 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.) Date Account Titles and Explanation Debit Credit January 1, 2020 Cash 537907 Bonds Payable UAE 500000 Premium on Bonds Payable 37907 (b) Prepare a schedule of interest expense and bond amortization for 2020-2022. (Round answer to 0 decimal places, e.g. 38,548.) Schedule of Interest Expense and Bond Premium Amortization Effective-Interest Method Cash Paid Interest Expense Premium Amortized Carry Amount a Date 1/1/20 $ $ ta 12/31/20 12/31/21 12/31/22

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