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Your answer is partially correct. Try again. Prepare the journal entries to record the following transactions. (Round answer to 0 decimal places, e.g. 38,548. If
Your answer is partially correct. Try again. Prepare the journal entries to record the following transactions. (Round answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) The issuance of the bonds on June 30, 2020. (2) The payment of interest and the amortization of the premium on December 31, 2020. (3) The payment of interest and the amortization of the premium on June 30, 2021. (4) The payment of interest and the amortization of the premium on December 31, 2021. Debit Credit No. Date (1) June 30, 2020 Account Titles and Explanation Cash 4956520 Premium on Bonds Payable 92810000 Bonds Payable (2) December 31, 2020 Interest Expense 297391.2 Premium on Bonds Payable (3) June 30, 2021 Interest Expense Premium on Bonds Payable (4) December 31, 2021 Interest Expense Premium on Bonds Payable Exercise 14-09 (Part Level Submission) On June 30, 2020, Kingbird Company issued $3,810,000 face value of 16%, 20-year bonds at $4,956,520, a yield of 12%. Kingbird uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31
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