Calculator To use iCloud on this Mac you must accept the new Terms and Conditions. Cornerstone Exercise 9-29 (Algorithmic) Debt Issued at a Premium (Straight Line) On January 1, 2020, Ironman Steel issued $800,000, 8-year bonds for $860,000. The stated rate of interest was 6% and interest is paid annually on December 31. Required: Prepare the necessary journal entry on December 31, 2023, assuming the straight-line method is followed. 2023 Dec. 31 Interest Expense T Premium on Bonds Payable x Cash (Record interest expense) Feedback Check My Work Any premium or discount is amortized to interest expense. Check My Work 1 more Check My Work uses remaining Next > Submit Assignment for Grading MacBook Air