Journal entries

During two consecutive years, Antlers Company, Inc., completed the following transactions: Year 1 June 1 Issued $750,000 face value, 20-year, 12 percent bonds, dated June 1 of this year, at 103. Interest is payable semiannually on December 1 and June 1. Paid semiannual interest on the bonds. Dec. 1 Recorded an adjusting entry for accrued interest payable. 31 Recorded an adjusting entry for amortization of premium on bonds. 31 31 Closed the Interest Expense account. Year 2 Reversed the adjusting entry for accrued interest payable. Paid semiannual interest on the bonds. Paid semiannual interest on the bonds. Recorded an adjusting entry for accrued interest payable. 31 Jan. 1 June 1 Dec. 1 June 31 Recorded an adjusting entry for amortization of premium on bonds. 31 Closed the Interest Expense account