Question

Our Cast22.09,30 eur bends on Jan 1. 2003, 106. T y h e analyn w ry 1 Cumbers ere in amerion for bara prenim or het de Pregarthentes record the (3) Thison of the bonds th) The convincent and the premium rationen c) The p owers 1031. er 31, 2023 here and planten Qui Agotad PAN

Answer 1

Solution:

Journal Entries
Date	Account title	Debit	Credit
01-Jan	Cash ($572000*106%)	$6,06,320
2022	Premium on Bond payable		$34,320
	Bonds payable		$5,72,000
31-Dec	Interest Expense	$50,336
2022	Premium on bond payable ($34320/30)	$1,144
	Interest payable ($572000*9%)		$51,480
01-Jan	Interest payable	$51,480
2023	Cash		$51,480
31-Dec	Bond Payable	$5,72,000
2051	Cash		$5,72,000