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thanks! On March 1, 2020, Mitchell Inc. issued 60, 6%, $1,000...

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On March 1, 2020, Mitchell Inc. issued 60, 6%, $1,000 bonds dated March 1, 2020 for $62,626. The bonds pay cash interest semiannually each June 30, and December 31, and were issued to yield 5%. The bonds mature February 28, 2025, and the company uses the effective interest method to amortize bond discounts or premiums. The partial amortization schedule is as follows: Amortization Schedule Cash Effective Premium Interest Interest amortization Outstanding Balance $62,626 0 03/01/20 1 08/31/20 $1,800 $1,566 62.391 ($234) (240) 2 02/28/21 1,800 1.560 62.151 Required: Prepare journal entries on the following dates, Round to the nearest dollar 1. March 1, 2020, bond issuance. 2. August 31. 2020, interest payment. 3. December 31, 2020, adjusting entry. Note: You may create a table as follows to organize your journal entries. Date Account titles Debit 1 Credit Cash Sales Revenue 10,000 10,000 Edit met Format Table 12

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