Premium Amortization On the first day of the fiscal year, a company issues a $3,300,000, 8%,...
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On the first day of the fiscal year, a company issues a $3,300,000, 8%, 9-year bond that pays semiannual interest of $132,000 ($3,300,000 × 8% × ½), receiving cash of $4,010,490.
Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.
| Interest Expense | |||
| Premium on Bonds Payable | |||
| Cash |
Homework Answers
| Interest expense | 92,528 | |
| Premium on Bonds Payable | 39,472 | |
| Cash | 132,000 |
Premium on Bonds Payable
= (4,010,490-3,300,000)/18
Note that I have rounded some numbers. Comment if you face any issues
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