Sandhill Co. issued $ 600,000, 10-year, 8% bonds at 105.

1.Prepare the journal entry to record the sale of these bonds on January 1, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

2.Suppose the remaining Premium on Bonds Payable was $ 18,000 on December 31, 2020. Show the balance sheet presentation on this date.