Reference no: EM132753490
Assignment: 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
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.)
Date Account Titles and Explanation Debit Credit
Dec 31, 2020
Interest expense 44880
Premium on Bonds payable 1020
Interest Payable 45900
The journal entry to record the payment of interest on January 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation Debit Credit
Jan 1, 2021
Interest Payable 45900
Cash 45900
Prepare the journal entry to record the redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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