Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| Jan 1 | Cash | 1090000 | |
| Bonds payable | 1000000 | ||
| Premium on bonds payable | 90000 | ||
| June 30 | Interest expense | 37750 | |
| Premium on bonds payable (90000/40) | 2250 | ||
| Cash (1000000*8%*6/12) | 40000 | ||
| Dec 31 | Interest expense | 37750 | |
| Premium on bonds payable | 2250 | ||
| Cash | 40000 | ||
| Dec 31 | Bonds payable | 1000000 | |
| Cash | 1000000 | ||
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