Homework Answers
Journal entry
| No | Date | general journal | Debit | Credit |
| a | June 30,2021 | Bonds payable | 860000 | |
| Loss on bond redemption | 39990 | |||
| Discount on bonds payable (25800/20*11) | 14190 | |||
| Cash (860000*1.03) | 885800 | |||
| (To record the redemption of old issue) | ||||
| June 30,2021 | Cash (1040000*1.03) | 1071200 | ||
| Bonds payable | 1040000 | |||
| Premium on bonds payable | 31200 | |||
| (to record bond issue) | ||||
| b | Dec 31,2021 | Interest expense | 51220 | |
| Premium on bonds payable (31200/40) | 780 | |||
| Cash (1040000*10%*6/12) | 52000 | |||
| (To record interest) | ||||
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