Homework Answers
Solution:
| Journal Entries - Swifty Corporation | |||
| Date | Particulars | Debit | Credit |
| 1-Jan | Cash Dr | $3,370,500.00 | |
| To Bond Payable | $3,150,000.00 | ||
| To Premium on Bond Payable | $220,500.00 | ||
| (To record issue of bond at premium) | |||
| 31-Dec | Interest Expense Dr | $207,900.00 | |
| Premium on bond payable Dr ($220,500/5) | $44,100.00 | ||
| To Interest payable ($3,150,000*8%) | $252,000.00 | ||
| (To record interest accrued and premium amortization) | |||
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