Exercise 15-15 a-d Pharoah Company issued $450,000, 6%, 20-year bonds on January 1, 2020, at 101. Interest is payable annually on January 1. Pharoah uses straight-line amortization for bond premium or discount. Your answer is partially correct. Try again. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1, 2020 Cash Bonds Payable Premium on Bonds Payable SHOW LIST OF ACCOUNTS LINK TO TEXT Debit Credit 454500 450000 4500 Your answer is partially correct. Try again. Prepare the journal entry to record the accrual of interest and the premium amortization on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date Dec. 31, 2020 Interest Expense Debit Credit Premium on Bonds Payable Cash Your answer is partially correct. Try again. Prepare the journal entry to record the payment of interest on January 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1, 2021 Interest Expense Interest Payable SHOW LIST OF ACCOUNTS LINK TO TEXT Debit Credit Your answer is incorrect. Try again. Prepare the journal entry to record the redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Jan. 1, 2040 Click if you would like to Show Work for this question: Open Show Work