Chart of Accounts CHART OF ACCOUNTS Polk Incorporated General Ledger ASSETS 111 Cash 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance 181 Equipment 198 Accumulated Depreciation LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 255 Bonds Payable 256 Premium on Bonds Payable 257 Discount on Bonds Payable 261 Income Taxes Payable REVENUE 411 Sales Revenue EXPENSES 500 Cost of Goods Sold 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense 532 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense EQUITY 311 Common Stock 331 Retained Earnings interest rate the issuer will record a premium in a separate account titled Premium on Bonds Payable. Dec. 31, 2016: bond discount or premium is amortized, and this amortization is the difference between the amount of interest expense and the cash payment. Prepare a bond interest expense and discount amortization schedule for the bonds through June 30, 2017. Additional Instructions Feedback Check My Work interest rate the issuer will record a premium in a separate account titled Premium on Bonds Payable. Prepare the journal entries to record the issue of the bonds on July 1, 2016, and the interest payments on December 31,2016, and June 30, 2017. of amortization. Required: Prepare the journal entries to record the issue of the bonds on July 1, 2016, and the interest payments on December 31,2016, and June 30, 2017. In addition, prepare a bond interest expense and premium amortization schedule for the bonds through June 30,2017