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Receipt of first semiannual interest amount on december

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On June 30, 2006, Athens Company issued $1,500,000 of 10-year, 8% bonds, dated June 30, for $1,540,000. The bonds were purchased by Palermo Co. on the issue date at the issue price. Present entries to record the following transactions: 

(a) Athens Company: 

(l) Issuance of bonds. 
(2) Payment of first semiannual interest on December 31, 2006. 
(3) Amortization by straight-line method of bond premium on December 31, 2006. 

(b) Palermo Company: 

(1) Purchase of bonds. 
(2) Receipt of first semiannual interest amount on December 31, 2006. 
(3) Amortization by straight-line method of bond premium on December 31, 2006. 

Reference no: EM13986546

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