On January 1, 2020, Carla Vista Corporation issued $580,000, 8%, 10-year bonds at face value. Interest is payable annually on January 1. Carla Vista Corporation has a calendar year end. Prepare all entries related to the bond issue for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Your answer is partially correct. On January 1, 2020, Carla Vista Corporation issued $580,000, 8%, 10-year bonds at face value. Interest is payable annually on January 1. Carla Vista Corporation has a calendar year end. Prepare all entries related to the bond issue for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 2020 Account Titles and Explanation Debit Credit Jan. 1 Cash 580000 Premium on Bonds Payable 17400 Dec. 31 Bonds Payable 58000 Premium on Bonds Payable 10440 59044