Date	Account titles and explanation	Debit	Credit
Jan. 1	Cash	$4,794,000
	Bonds Payable		$4,700,000
	Premium on Bonds Payable		$94,000

Brief Exercise 10-17 Level Submission) (Part Oxford Inc. issues $4.70 million, 5-year, 10% bonds at 102, with interest payable on January 1. The straight-line method is used to amortize bond premium. (a) (b) Prepare the journal entry to record interest expense and bond premium amortization on December 31, 2014, assuming no previous accrual of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31