Your help would be appreciated, thank you. **Problem 14-05 (Part Level Submission)**In each of the following independent cases, the company closes its books on December 31.**(a)**Headland Co. sells $497,000 of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021.Prepare a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end. *(Round answers to 0 decimal places, e.g., 38,548.)***Schedule of Bond Discount Amortization***Effective-Interest Method - Bonds Sold to Yield*| Date | Cash Paid | Interest Expense | Discount Amortized | Carrying Amount of Bonds ||-------|-----------|------------------|--------------------|--------------------------|| 3/1/20| | | | || 9/1/20| | | | || 3/1/21| | | | || 9/1/21| | | | || 3/1/22| | | | || 9/1/22| | | | || 3/1/23| | | | || 9/1/23| | | | |Remove all of the indicated journal entries from the form of codes and decimals at year-end. **Journal Entry Preparation**Prepare all of the relevant journal entries from the time of sale until December 31, 2021. (Assume that no reversing entries were made.)- **Guidelines**: - Round present value factor calculations to 5 decimal places (e.g., 1.25124). - Round final answers to 0 decimal places (e.g., $8,971). - 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 an amount is entered. Do not indent manually.**Table for Journal Entries**| Date | Account Titles and Explanation | Debit | Credit ||------------|---------------------------------|-------|--------|| 3/1/20 | | | || | | | || | | | || | | | || | | | || 3/1/21 | | | || | | | || | | | |- Use the dropdown menu to select account titles where applicable.- Ensure all entries are complete as required by the guidelines.---**Notes:**- This table helps record financial transactions in a systematic manner to ensure accuracy in financial reporting.- Any entries made should reflect the accounting principles and guidelines provided above.

Bonds payable: It is a long term liability to the organization issuing it. It is issued to raise…

Problem 14-05 (Part Level Submission) In each of the following independent cases, the company closes its books on December 31. v (a) Headland Co. sells $497,000 of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021. Prepare a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end. (Round answers to 0 decimal places, e.g. 38,548.) Schedule of Bond Discount Amortization Effective-Interest Method Bonds Sold to Yield Discount Amortized Carrying Amount of Bonds Cash Interest Date Paid Expense 3/1/20 9/1/20 3/1/21 9/1/21 3/1/22 9/1/22 3/1/23 9/1/23

Problem 14-05 (Part Level Submission) In each of the following independent cases, the company closes its books on December 31. v (a) Headland Co. sells $497,000 of 8% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021. Prepare a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end. (Round answers to 0 decimal places, e.g. 38,548.) Schedule of Bond Discount Amortization Effective-Interest Method Bonds Sold to Yield Discount Amortized Carrying Amount of Bonds Cash Interest Date Paid Expense 3/1/20 9/1/20 3/1/21 9/1/21 3/1/22 9/1/22 3/1/23 9/1/23

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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