Question 11: Issuing Bonds at a PremiumOn the first day of the fiscal year, a company issues
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Question 11: Issuing Bonds at a PremiumOn the first day of the fiscal year, a company issues a $1,500,000, 7%, 4-year bond that pays semiannual interest of $52,500 ($1,500,000 x 7% 2), receiving cash of $1,607,551.Journalize the bond issuance. If an amount box does not require an entry, leave it blank.Question 13: Premium AmortizationOn the first day of the fiscal year, a company issues a $1,400,000, 8%, 8-year bond that pays semiannual interest of $56,000 ($1,400,000 x 8% ), receiving cash of $1,484,659.Journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.
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