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Prepare the journal entries for interest and amortization

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Problem - Crane Electric sold $4,050,000, 10%, 10-year bonds on January 1, 2020. The bonds were dated January 1 and pay interest annually on January 1. Crane Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at 105.

Prepare the journal entry to record the issuance of the bonds on January 1, 2020.

Prepare a bond premium amortization schedule for the first 4 interest periods.

Prepare the journal entries for interest and amortization of the premium in 2020 and 2021.

Show the balance sheet presentations of the bond liability at December 31, 2021.

Reference no: EM132432215

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