Homework Answers
Issue price of the bonds = Face value + Unamortised premium at the beginning
= $92,000 + $7,951
= $99,951
Amortisation of bond premium = $7,951 - $7,156 = $795
| Date | General Journal | Debit | Credit |
| January 01 | Cash | $99,951 | - |
| Bonds payable | - | $92,000 | |
| Premium on bonds payable | - | $7,951 | |
| June 30 | Interest expense | $2,885 | - |
| Premium on bonds payable | $795 | - | |
| Cash ($92,000 X 8% X 6/12) | - | $3,680 | |
| December 31 | Interest expense | $2,885 | - |
| Premium on bonds payable | $795 | - | |
| Cash | - | $3,680 |
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