On November 1, 2009, Fields Corporation issued $800,000 worth of ten-year, 9 percent bonds. The semiannual interest dates are November 1 and May 1. Because the market interest rate of similar investments was 8.5 percent, the bonds were issued at a price of 103. Ignoring year-end accruals, prepare entries in journal form without explanations to record the bond issue on November 1, 2009, and the payments of interest and amortization of premium on May 1 and November 1, 2009. Use the effective interest method of amortization. Round answers to the nearest dollar.

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The Answer of On November 1, 2009, Fields Corporation issued $800,000 worth of ten-year, 9 percent bonds. The semiannual interest dates are November 1 and May 1. Because the market interest rate of similar investments was 8.5 percent, the bonds were issued at a price of 103. Ignoring year-end accruals, prepare entries in journal form without explanations to record the bond issue on November 1, 2009, and the payments of interest and amortization of premium on May 1 and November 1, 2009. Use the effective interest method of amortization. Round answers to the nearest dollar.

On November 1, 2009, Fields Corporation Issued $800,000 Worth of Ten-Year