Problem 14-6 Your answer is partially correct. Try again. Presented below are selected transactions on the books of Sunland Corporation May 1 2017 Bonds payable with a par value of $829,200, which are dated January 1 2017 are sold at 106 plus accrued interest. The are coupon bonds, bear interest at 11% Dec. 31 an. 1, 2018 Interest on the bonds is paid April 1 Bonds with par value of $331,680 are called at 102 plus accrued interest, and redeemed. (Bond premium is to be amortized only at the end of each year) a able annually at January 1), and mature January 1, 2027. (Use interest expense account for accrued interest.) Adjusting entries are made to record the accrued interest on the bonds, and the amortization of the proper amount of premium. (Use straight-line amortization.) Dec. 31 Adjusting entries are made to record the accrued interest on the bonds, and the proper amount of premium amortized Prepare journal entries for the transactions above. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts, Credit account titles are automatically when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit May 1, 2017 Cash Bonds Payable Premium on Bonds Payable Interest Expense Dec. 31, 2017Interest Expense Interest Payable (To record the interest) Premium on Bonds Payable Interest Expense (To amortize the premium) Jan. 1, 2018 : Interest Payable Cash Apr 1, 2018 Bonds Payable Premium on Bonds Payable Interest Expense Cash Gain on Redemption of Bonds Dec. 31, 2018 Interest Expense Interest Payable (To record the interest) Premium on Bonds Payable Interest Expense (To amortize the premium)