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Sheridan Inc. issues $3,500,000, 5-year, 12% bonds at 103, with interest payable annually on January 1. The straight-line method is used to amortize bond premium.

Sheridan Inc. issues $3,500,000, 5-year, 12% bonds at 103, with interest payable annually on January 1. The straight-line method is used to amortize bond premium.

Prepare the journal entry to record the sale of these bonds on January 1, 2020.

Prepare the adjusting journal entry to record interest expense and bond premium amortization on December 31, 2020

Date Account Titles and Explanation Debit Credit Jan. 1 Date Account Titles and Explanation Debit Credit Dec. 31

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