Question

I'm having a hard time to answer the ammortizafion table. Someone help me pls

On January 1, 2020, Flounder Corporation issued $553,000 7% bonds that are due in 11 years. The bonds were issued for $597,066 and pay interest each July 1 and January 1. The company uses the effective interest method. Assume an effective rate of 6% (a) Your answer is correct Prepare Flounder Corporation's journal entry for the January 1 issuance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. Cash 597,066 1 Bonds Payable 597,066 e Textbook and Media List of Accounts Attempts: 1 of 3 used Question Part Score 2/2 (b) Your answer is partially correct. Prepare the company's journal entry for the July 1 interest payment. (Round answers to decimal places, eg,5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit July Interest Expense 1 17.912 Bonds Payable 1,423 Cash 19,355

Answer 1

	Date	Accounts Title and Explanation	Debit	Credit
a)	Jan-01	Cash	597,066
		Bonds Payable		597,066
		(To record bond issuance)
b)	Jul-01	Interest Expense	17,912
		Premium on bonds Payable/Bonds Payable	1,443
		Cash		19,355
		(To record interest Expense)
c)	Dec-31	Interest Expense	17,869
		Premium on bonds Payable/Bonds Payable	1,486
		Cash		19,355
		(To record interest Expense)
e)	Cash Paid	Interest Expense	premiu amortised	CARYYING AMOUNT
Jan-01				597,066
Jul-01	19355	17,912	1,443	595,622.98
Dec-31	19355	17,868.69	1,486.31	594,136.67
Jul-01	19355	17,824.10	1,530.90	592,605.77