IL Bond Premium, Entries for Bonds Payable Transactions Campbell Inc. produces and sells outdoor equipment. On July 1, Year 1, Campbell issued $49,800,000 of 10-year, 14% bonds at a market (effective) interest rate of 12%, receiving cash of $55,511,781. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year Required: If an amount box does not require an entry, leave it blank. 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, Year 1. Cash 55.511781 Premium on Bonds Payable Bonds Payable .711.781 9.800,000 Check Wy Work Bonds premium or discount account The straight-line method of amortization provides equal amounts of amortization over the life of the bond Payable is always recorded at face value. Any difference in issue price is reflected in a