Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method Daan Corporation wholesales repair products to equipment manufacturers. On April 1, 2016, Daan Corporation issued $7,400,000 of 7-year, 10% bonds at a market (effective) interest rate of 9%, receiving cash of $7,778,246. Interest is payable semiannually on April 1 and October 1. Question Content Area a.

Journalize the entry to record the issuance of bonds on April 1, 2016. For a compound transaction, if an amount box does not require an entry, leave it blank. blank Cash Cash 7,778,246 Cash Premium on Bonds Payable Premium on Bonds Payable Premium on Bonds Payable 378,246 Bonds Payable Bonds Payable Bonds Payable 7,400,000 Feedback Area Feedback Bonds