Sheridan Electric sold $4,100,000, 8%, 10-year bonds on January 1, 2020. The bonds were dated January 1 and pay interest annually on January 1. Sheridan Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at 102.

Prepare the journal entry to record the issuance of the bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do Date Account Titles and Explanation Debit Credit Jan. 1, 2020 Cash 4182000 Bonds Payable 4100000 Premium on Bonds Payable 82000 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare a bond premium amortization schedule for the first 4 interest periods. Annual Interest Periods Interest to Be Paid Interest Expense to Be Recorded Premium Amortization Unamortized Premium Bond Carrying Value Issue date 82000 4182000 x 1 82000 73800 8200 X X 2. 82000 73800 8200 GOOG x 3 82000 73800 8200 4 82000 73800 8200 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare the journal entries for interest and the amortization of the premium in 2020 and 2021. (Credit account titles are automatically indented when amount is Date Account Titles and Explanation Debit Credit Dec 31, 2020 Interest Expense 82000 Premium on Bonds Payable 8200 X Interest Payable 73800 X Dec. 31, 2021 Interest Expense 82000 Premium on Bonds Payable 8200 Interest Payable 73800