I need help, am stuck on requirement #4, for this question. I need help with Journalizing the entry for accrual of interest and amortization of discount on December 31,2018 and and the payment of interest on January 1,2019.
Homework Answers
4) Interest expense = Interest paid-Premium on bonds payable
= (5000000*7%*6/12)-7000
Interest expense = 168000
Journal entry
| Date | General Journal | Debit | Credit |
| Dec 31,2018 | Interest expense | 168000 | |
| Premium on bonds payable (70000/10) | 7000 | ||
| Interest payable (5000000*7%*6/12) | 175000 | ||
| Jan 1 | Interest payable | 175000 | |
| Cash | 175000 | ||
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