Hemby Corporation wholesales oil and grease products to equipment manufacturers. On March 1, 2008, Hemby Corporation issued

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Hemby Corporation wholesales oil and grease products to equipment manufacturers. On March 1, 2008, Hemby Corporation issued $\$ 4,000,000$ of five-year, $13 \%$ bonds at an effective interest rate of $11 \%$. Interest is payable semiannually on March 1 and September 1. Journalize the entries to record the following:

a. Sale of bonds on March 1, 2008. (Use the tables of present values in Exhibits 3 and 4 to determine the bond proceeds. Round to the nearest dollar.)

b. First interest payment on September 1, 2008, and amortization of bond premium for six months, using the straight-line method. (Round to the nearest dollar.)

objs. 2, 3

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