Reference no: EM133173635
Question 1 - Issuing Bonds at a Premium - On the first day of the fiscal year, a company issues a $1,500,000, 7%, 4-year bond that pays semiannual interest of $52,500 ($1,500,000 x 7% × ½2), receiving cash of $1,607,551. Journalize the bond issuance. If an amount box does not require an entry, leave it blank.
Question 2 - Premium Amortization - On the first day of the fiscal year, a company issues a $1,400,000, 8%, 8-year bond that pays semiannual interest of $56,000 ($1,400,000 x 8% × ½), receiving cash of $1,484,659. Journalize the first interest payment and the amortization of the related bond premium.
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Journalize the first interest payment and the amortization
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