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Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method
a) Daan Corporation wholesales repair products to equipment manufacturers. On April 1, 2014, Daan Corporation issued $2,800,000 of 10-year, 9% bonds at a market (effective) interest rate of 8%, receiving cash of $2,990,264. Interest is payable semiannually on April 1 and October 1.
b) Journalize the entry to record the first interest payment on October 1, 2014, and amortization of bond premium for six months, using the straight-line method. (Round to the nearest dollar.) For a compound transaction, if an amount box does not require an entry, leave it blank.
I am having a hard time working out b.Can you provide step by step of how I arrive at the correct answer?
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