On January 1, 2020, Skysong Company sold 12% bonds having a maturity value of $450,000 for $484,117, which provides the

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On January 1, 2020, Skysong Company sold 12% bonds having a
maturity value of $450,000 for $484,117, 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. Skysong Company allocates interest and unamortized
discount or premium on the effective-interest basis.
(a) 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
Date
Account Titles and Explanation
Debit
Credit
January 1, 2020
(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
Date
Cash
Paid
Interest
Expense
Premium
Amortized
Carrying
Amount of Bonds