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Week 6 Hw

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Week 6 HW Journal Entry Date Debit Credit
A.
12/31/2015 Bond Interest Expense 156,000 Premium on Bonds Payable 4,000 ($80,000 X 1/20) Cash ($4,000,000 X 8% X 6/12) 160,000
B.
1/1/2016 Bonds Payable 400,000 Premium on Bonds Payable 6,400 Common Stock 320,000 [8 X $100 X ($400,000/$1,000)] Paid-in Capital in Excess of Par 86,400 Total premium ($4,000,000 X .02) $80,000 Premium amortized ($80,000 X 2/10) 16,000 Balance $64,000 Bonds converted ($400,000 ÷ $4,000,000) 10% Related premium ($64,000 X 10%) 6,400 C.
3/31/2016 Bond Interest Expense 7,800 Premium on Bonds Payable 200 ($6,400 ÷ 8 years) X 3/12 Bond Interest Payable 8,000 ($400,000 X 8% X 3/12)

3/31/2016 Bonds Payable 400,000 Premium on Bonds Payable 6,200 Common Stock 320,000 Paid-in Capital in Excess of Par 86,200 Premium as of January 1, 2009 for $400,000 of bonds $6,400 $6,400 ÷ 8 years remaining X 3/12 -200 Premium as of March 31, 2009 for $400,000 of bonds $6,200 D.

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