Kingbird corporation  issued $460,000 ,8% 20 year bonds on January  1 2022 for $418,008. This  price resulted in effective  interest rate of 9 % on the bonds. Interest  is payable annually  on January  1 Kingbird  uses the effective  interest method  to amortize bond premium  or discount  prepare the journal  entry to record  the accrual interest  and the discount  amortization  on december  31,2022

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