On June 30, Jamison Company issued $2,500,000 of 10-year, 8% bonds, dated June 30, for $2,580,000. Present entries to record the following transactions:
(a)Issuance of bonds.
(b)Payment of first semiannual interest on December 31
(record separate entry from premium amortization).
(c)Amortization by straight-line method of bond premium on December 31.

Question

On June 30, Jamison Company issued $2,500,000 of 10-year, 8% bonds, dated June 30, for $2,580,000. Present entries to record the following transactions:​
(a)Issuance of bonds.
(b)Payment of first semiannual interest on December 31 
(record separate entry from premium amortization).
(c)Amortization by straight-line method of bond premium on December 31.

Quizplus · Accepted Answer

The Answer of On June 30, Jamison Company issued $2,500,000 of 10-year, 8% bonds, dated June 30, for $2,580,000. Present entries to record the following transactions:​
(a)Issuance of bonds.
(b)Payment of first semiannual interest on December 31 
(record separate entry from premium amortization).
(c)Amortization by straight-line method of bond premium on December 31.

On June 30, Jamison Company Issued $2,500,000 of 10-Year, 8