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A company issued 5000000 of 10 10-year bonds at 93 on

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A company issued $5,000,000 of 10%, 10-year bonds at 93 on December 31, 2004. The bonds are callable at 102. The company uses the straight-line method of amortization for premium or discount. On December 31, 2008, the company calls half of the bond issue.
a. Compute the balance in the unamortized premium or unamortized discount account on the call date.
b. Prepare the journal entry to record the call of the bonds.

Reference no: EM13598821

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