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Golden Inc. issues $3.80 million, 5-year, 11% bonds at 103, with interest payable annually January 1. The straight-line method is used to amortize bond premium.

Golden Inc. issues $3.80 million, 5-year, 11% bonds at 103, with interest payable annually January 1. The straight-line method is used to amortize bond premium.

Prepare the journal entry to record the sale of these bonds on January 1, 2019.

Please show work.
Date Account Titles and Explanation Debit Credit Jan. 1 Cash 3,876,000 Premium on Bonds Payable 76,000 Bonds Payable 3,800,000

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