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Exercise 10-8 Straight-Line: Recording bond issuance and premium amortization LO P3 Wookie Company issues 7%, five-year bonds, on January 1 of this year, with a par value of $94,000 and semiannual interest payments (0) (1) Semiannual Period-End January 1, Issuance June 30, first payment December 31, second payment Unamortized Premium 57.991 7,192 6,393 Carrying Valu 5101.991 101,192 100,393 (2) Use the above straight line bond amortization table and prepare journal entries for the following (a) The issuance of bonds on January 1 (b) The first interest payment on June 30 (c) The second interest payment on December 31 Answer is complete but not entirely correct. Date Debit No Credit 101.991 1 January 01 General Journal Cash Premium on bonds payable Bonds payable >> 7991 94.000 2 June 30 32, 101 % 799 Bond interest expense Premium on bonds payable Cash 32.900 3 December 31 Bond interest expense Premium on bonds payable Cash 32,101 799 32 900