DEBT ISSUED AT A PREMIUM (STRAIGHT LINE) On December 31, 2008, Ironman Steel issued $500,000, eight-year bonds

Question:

DEBT ISSUED AT A PREMIUM (STRAIGHT LINE)

On December 31, 2008, Ironman Steel issued $500,000, eight-year bonds for

$508,000. The stated rate of interest was 9 percent and interest is paid annually on December 31.

Required:
Provide the necessary journal entry on December 31, 2012, assuming the straight-line method is followed.
Cornerstone Exercise

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