Homework Answers
1) Journal entry
| date | account and explanation | Debit | Credit |
| Jan 1 | Cash | 249600 | |
| Bonds payable | 240000 | ||
| Premium on bonds payable (240000*4%) | 9600 | ||
| (To record bond issue) |
2) Journal entry
| date | account and explanation | Debit | Credit |
| June 30 | Interest expense | 9360 | |
| Premium on bonds payable (9600/40) | 240 | ||
| Cash (240000*4%) | 9600 | ||
| (To record interest) |
3) Journal entry
| date | account and explanation | Debit | Credit |
| Dec 31 | Interest expense | 9360 | |
| Premium on bonds payable (9600/40) | 240 | ||
| Cash (240000*4%) | 9600 | ||
| (To record interest) |
4) Journal entry
| Date | account and explanation | Debit | Credit |
| Jan 1,2038 | Bonds payable | 240000 | |
| Cash | 240000 | ||
| (To record redemption) |
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