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Use the following information for the following 2 questions: The footnote to a company's financial statements reported the following data on December 31, 2016: FOOTNOTE
Use the following information for the following 2 questions: The footnote to a company's financial statements reported the following data on December 31, 2016: FOOTNOTE D --- Long Term Debt 6% bonds payable, due 12/31/2020, with unamortized premium of $50, 798 _____ $750, 798 (The bonds were issued on 1/1/16, and pay interest annually. The market rate when issued was 4%) The journal entry to record the interest payment on December 31, 2017 would include a: A. Credit to interest expense for $30, 032 B. Credit to cash for $28,000 C. Credit to premium on bonds payable for $11, 968 D. Credit to cash for $42,000 E. Both A & D
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