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How do make journal entries to record the interest payment

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Problem 1: On January 1, 2020, Skysong Inc. sold 14% bonds having a maturity value of $700,000 for $750,469, which provides the bondholders with a 12% yield. The bonds are dated January 1, 2020, and mature on January 1, 2025, with interest payable on January 1 of each year. The company follows IFRS and uses the effective interest method. Prepare the journal entries to record the interest payment and the amortization for 2022.

Reference no: EM132774715

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