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Bonds Issued at a Premium Bunkichi Corporation issued the following bonds at a premium: Date of issue and sale: March 1, 20-1 Principal amount: $800,000 Sale price of bonds: 103 Denomination of bonds: $1,000 Life of bonds: 10 years Stated rate: 8%, payable semiannually on August 31 and February 28 1. Prepare journal entries for the activities listed below. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. (a) Issuance of the bonds at a premium. Page: DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 1 20-1 Mar. 1 Cash 824,000 1 2 800,000 2 Bonds Payable Premium on Bonds Payable 3 24,000 3 (b) Interest payment and premium amortization on the bonds on August 31, 20-1. Page: DATE ACCOUNT TITLE DOC. POST. DEBIT CREDIT NO. REF. 1 20-1 Aug. 31 Bond Interest Expense 30,800 2 Premium on Bonds Payable 1.200 3 Bond Interest Payable 20,000 1 2 3 (c) Year-end adjustment on the bonds for 20-1. Page: DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 1 20-1 Dec. 31 Bond Interest Expense 20,533 1 2 800 2 Premium on Bonds Payable Bond Interest Payable 3 21,333 3 (d) Reversing entry for the beginning of 20-2. Page: DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 1 20-2 Jan. 1 21,333 1 Bond Interest Payable Bond Interest Expense 2 20,533 2 3 Premium on Bonds Payable 800 (e) Interest payments and premium amortization on the bonds for 20-2 (February 28 and August 31). Page: DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT 1 20-2 Feb. 28 Bond Interest Expense 1 2 2 Bond Interest Payable Premium on Bonds Payable 3 4 5 Aug. 31 ) 6 7 2. Calculate the carrying value of the bonds on August 31, 20-2. 3. Prepare the bonds payable section of a partial balance sheet as of August 31, 20-2. Bunkichi Corporation Balance Sheet (Partial) August 31, 20-2 Long-term liabilities