Recording the Effects of Bonds On December 31, 2021, Kasznik…
Recording the Effects of Bonds On December 31, 2021, Kasznik, Inc., issued $480,000 of 4%, 10-year bonds for $442,586, yielding an effective interest rate of 5%. Semiannual interest is payable on June 30 and December 31 each year. The firm uses the effective interest method to amortize the discount. a. Post journal entries to report (1) the bond issuance on December 31, 2021, (2) bond interest expense and discount amortization at June 30, 2022, and (3) bond interest expense and discount amortization at December 31, 2022. ● Note: Round answers to the nearest whole dollar. Date Account Debit Credit (1) Dec. 31, 2021 {#1} {#2} {#3} (2) Jun. 30, 2022 {#4} {#5} {#6} (3) Dec. 31, 2022 {#7} {#8} {#9} b. Post the journal entries to their respective T-accounts. ●Note: Enter your answers, in transaction order, in the first open field of the appropriate column in each account. ● Note: Round answers to the nearest whole dollar. Cash {#10} {#11} {#12} {#13} Bonds payable {#14} {#15} Bond discount {#16} {#17} {#18} {#19} Interest expense {#20} {#21} {#22} {#23}