On January 1, 2019, Burton Sales issued $23,000 in bonds for $35,800. These are eight-year bonds with a stated rate of 9% and pay semiannual interest. Burton Sales uses the straight-line method to amortize the bond premium. Immediately after the issue of the bonds, the ledger balances are as follows: Premium on Bonds Payable
After the first interest payment on June 30, 2019, what is the balance of Premium on Bonds Payable? (Round your intermediate answers to the nearest dollar.)

Question

On January 1, 2019, Burton Sales issued $23,000 in bonds for $35,800. These are eight-year bonds with a stated rate of 9% and pay semiannual interest. Burton Sales uses the straight-line method to amortize the bond premium. Immediately after the issue of the bonds, the ledger balances are as follows:  Premium on Bonds Payable
 After the first interest payment on June 30, 2019, what is the balance of Premium on Bonds Payable? (Round your intermediate answers to the nearest dollar.)

Quizplus · Accepted Answer

The Answer of On January 1, 2019, Burton Sales issued $23,000 in bonds for $35,800. These are eight-year bonds with a stated rate of 9% and pay semiannual interest. Burton Sales uses the straight-line method to amortize the bond premium. Immediately after the issue of the bonds, the ledger balances are as follows:  Premium on Bonds Payable
 After the first interest payment on June 30, 2019, what is the balance of Premium on Bonds Payable? (Round your intermediate answers to the nearest dollar.)

On January 1, 2019, Burton Sales Issued $23,000 in Bonds