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On June 30, 2017, Nash Company issued $3,300,000 face value of 13% 20 year bonds at $3,548,237. a yield of 12%. Nash uses the
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Answer #1
Debit Credit
June 30,2017 Cash 3548257
     Bonds payable 3300000
     Premium on Bonds payable 248257
December 31,2017 Interest expense 212895 =3548257*12%/2
Premium on Bonds payable 1605
      Cash 214500 =3300000*13%/2
June 30,2018 Interest expense 212799 =(3548257-1605)*12%/2
Premium on Bonds payable 1701
      Cash 214500
December 31,2018 Interest expense 212697 =(3548257-1605-1701)*12%/2
Premium on Bonds payable 1803
      Cash 214500
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