Blossom Electric sold $3,800,000, 8%, 10-year bonds on January 1, 2022. The bonds were dated January 1 and pay interest annually on January 1. Blossom Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at 103.

Amortization Schedule 2022 2023

Interest to be paid: 304,000 304,000

Interest Expense to be Recorded: 292,600 292,600

Premium Amortization: 11,400 11,400

Unamortized Premium: 102,600 91,200

Bond Carrying Value: 3,902,600 3,891,200

(d)

Show the balance sheet presentation of the bond liability at December 31, 2023.

	Blossom Electric Balance Sheet (Partial) December 31, 2023
Current Liabilities
( title)		($ )
( title)
Bonds Payable	($ )
Add: Premium on Bonds Payable	($ )	($ )