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Prepare the journal entry to record the accrual of interest

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Question: Blossom Company issued $510,000, 9%, 20-year bonds on January 1, 2020, at 104. Interest is payable annually on January 1. Blossom uses straight-line amortization for bond premium or discount.

The journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date Account Titles and Explanation Debit Credit

Jan 1, 2020 Cash 530400

Bonds Payable 510000

Premium on Bonds Payable 20400

Prepare the journal entry to record the accrual of interest and the premium amortization on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Reference no: EM132761631

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