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Question - Monty Corp. sold $3,000,000, 6%, 10-year bonds on January 1, 2022. The bonds were dated January 1 and pay interest annually on January 1. Monty Corp. uses the straight-line method to amortize bond premium or discount. The bonds were sold at 102.
Required -
1. Prepare the journal entry to record the issuance of the bonds on January 1, 2022.
2. Prepare bond premium amortization schedule for the first four interest periods.
3. Prepare the journal entries for interest and the amortization of the premium in 2022 and 2023.
4. Prepare the balance sheet presentation of the bond liability at December 31, 2023.
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