Bond Premium, Entries for Bonds Payable Transactions, Interest Method of Amortizing Bond Premium 542,558,140. Interest on the bonds is payable semiannually on December 31 and June 30 . The fiscal year of the company is the calendar year. Required: For all journal entries, if an amount box does not require an entry, leave it blank. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds. Feedback *hack My Work 1. Reoord the cosh received (debit), the liability (crodit), and the premium on the bonds poyable (credit), which is the ditference between the two amounts. 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31,20Y1, and the amortization of the bond premium, using the interest method. Round to the nearest dollar. 20Y1 De v Check My Work difference between the two amounts. difference between the two amounts. b. The interest payment on June 30, 20Y2, and the amortization of the bond premium, using the interest method. Round to the nearest dollar. 20Y2 June 30 * check My Work amortized (debit) is the difference between the two amounts. 3. Determine the total interest expense for 20Y1. Round to the nearest dollar. 4 Feedbeck * Check My Wark 3. 20Y1 Interest expense is the amount debited in 2(a)