On January 1, 2020, Bramble Company sold 12% bonds having a maturity value of $960,000 for...

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On January 1, 2020, Bramble Company sold 12% bonds having a maturity value of $960,000 for $1,113,320.07, which provides the bondholders with a 8% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Bramble Company allocates interest and unamortized discount or premium on the effective-interest basis. (a) Your answer is correct. Prepare the journal entry at the date of the bond issuance. (Round answer to 2 decimal places, e.g. 38,548.25. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date January 1, 2020 Account Titles and Explanation Cash Bonds Payable Premium on Bonds Payable eTextbook and Media List of Accounts Debit Credit 1113320 960X 153: On January 1, 2020, Bramble Company sold 12% bonds having a maturity value of $960,000 for $1,113,320.07, which provides the bondholders with a 8% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Bramble Company allocates interest and unamortized discount or premium on the effective-interest basis. (a) Your answer is correct. Prepare the journal entry at the date of the bond issuance. (Round answer to 2 decimal places, e.g. 38,548.25. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date January 1, 2020 Account Titles and Explanation Cash Bonds Payable Premium on Bonds Payable eTextbook and Media List of Accounts Debit Credit 1113320 960X 153: