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Book Show Me How Calculator Entries for Issuing Bonds and Amortising Premium by Straight-Line Method Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 2011, Smiley issued $1,400,000 of 7-year, 10% bonds at a market (effective) interest rate of 7%, receiving cash of $1,629,331. Interest is payable semiannually on April 1 and October 1. a. Journalize the entry to record the issuance of bonds on April 1, 2011. If an amount box does not require an entry, leave it blank. Cash 1,429,131 Premium on Bonds Payable 229,331 Bonds Payable 1.400,000 b. Journalize the entry to record the first interest payment on October 1, 2011, and amortization of bond premium for six months, using the straight-line method. Round to the nearest dollar. If an amount box does not require an entry, leave it blank Interest Expense 140,000 x Premium on Bonds Payable 140,000 X Cash 11.470 X c. Why was the company able to issue the bonds for $1,629,331 rather than for the face amount of $1,400,000? The market rate of interest is less than the contract rate of interest, Check My Work Previous Next ebook Snow Me How Calculator Entries for Issuing and Calling Bonds: Loss Hoover Corp., a wholesaler of music equipment, issued $4,750,000 of 25-year, 8% Callable bonds on March 1, 2012, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. 2012 Mar. 1 Issued the bonds for cash at their face amount Sept. 1 Paid the interest on the bonds. 2014 Sept. 1 Called the bond issue at 104, the rate provided in the bond Indenture. (Omit entry for payment of interest.) If an amount box does not require an entry, leave it blank Journalize the entries to record the above selected transactions,