provide well explained and computed answer Presented below are selected transactions on the books of Ivanhoe Corporation.May 1, 2020Dec. 31Jan. 1, 2021April 1Dec. 31DateBonds payable with a par value of $824,400, which are dated January 1, 2020, are sold at 107 plus accruedinterest. They are coupon bonds, bear interest at 12% ( payable annually at January 1), and mature January 1, 2030.(Use interest expense account for accrued interest.)Adjusting entries are made to record the accrued interest on the bonds, and the amortization of the proper amountof premium. (Use straight-line amortization)Interest on the bonds is paid.Bonds with par value of $329,760 are called at 102 plus accrued interest, and redeemed. (Bond premium is to beamortized only at the end of each year)Prepare journal entries for the transactions above. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answers toO 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 titlesare automatically indented when amount is entered. Do not indent manually)Account Titles and ExplanationDec. 31, 2021 VMay 1, 2020Adjusting entries are made to record the accrued interest on the bonds, and the proper amount of premiumamortized.CashInterest ExpenseCashGain on Redemption of BondsInterest ExpenseInterest Payable(To record the interest)Premium on Bonds PayableInterest Expense(To amortize the premium)Debit100Credit DateMay 1, 2020Dec. 31, 2020Jan 1, 2021VAccount Titles and ExplanationCashBonds PayablePremium on Bonds PayableInterest ExpenseInterest ExpenseInterest Payable(To record the interest)Premium on Bonds PayableInterest Expense(To amortize the premium)Interest PayableCashDebitCreditDec. 31, 2020Jan. 1, 2021Apr. 1, 2021VmpresseInterest ExpenseInterest Payable(To record the interest)Premium on Bonds PayableInterest Expense(To amortize the premium)Interest PayableCashBonds PayablePremium on Bonds PayableInterest ExpenseACashGain on Redemotion of Bonds

In the process of amortization of bonds, the principal value representing the par amount is paid…

May 1, 2020 Dec 31, 2020- Jan 1.2021 Account Titles and Explanation Cash Bonds Payable Premium on Bonds Payable Interest Expense Interest Expense Interest Payable (To record the interest) Premium on Bonds Payable Interest Expense (To amortize the premium) Interest Payable Debit Credit Dec. 31, 2020 Jan 1, 2021 Apr. 1, 2021 Interest Expense Interest Payable (To record the interest) Premium on Bonds Payable Interest Expense (To amortize the premium) Interest Payable Cash Bonds Payable Premium on Bonds Payable Interest Expense A Cash