Problem 14-6 Your answer is partially correct. Try again. Presented below are selected transactions on the...

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Problem 14-6 Your answer is partially correct. Try again. Presented below are selected transactions on the books of Bonita Corporation. May 1, 2017 Bonds payable with a par value of $915,600, which are dated January 1, 2017, are sold at 105 plus accrued interest. They are coupon bonds, bear interest at 12% (payable annually at January 1), and mature January 1, 2027. (Use interest expense account for accrued interest.) ec.31Adjusting entries are made to record the accrued interest on the bonds, and the amortization of the proper amount of premium. (Use straight-line amortization.) Dan. 1, 2018 Interest on the bonds is paid. i Bonds with par value of $366,240 are called at 102 plus accrued interest, and redeemed. (Bond premium is to be amortized only at the end of each year.) Dc.31 Adjusting entries are made to record the accrued interest on the bonds, and the proper amount of premium amortized.

Prepare journal entries for the transactions above. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answers to O decimal places, e.g. 38,548. If no entry is required, select No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Acceust Titles and Explanation Debit Credit May 1, 2017 Bonds Payable 915 Premium on Bonds Payable 457 Interest Expense 36624 Dec. 31, 2017 Interest Expense 3248 Interest Payable 73248 To recoed the interest Premium on Bonds Payable 4578 Interest Expense To amortine the premium Interest Payable 4578 Jan. 1, 2018 109872 Cash 109872 Apr. 1, 2018 Bonds Payable on Bonds Payable 16481 Interest Expense 10987 Cash 384552 Gain on Redemption of Bonds 9156 Dec. 31, 2018Interest Expense 65923 Interest Payable To record the interest) Premium on Bonds Payable 65923 2747 Interest Expense 2747 To amortize the premium

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