Straight-line amortization method

On January 1, James Corporation issued $400,000, 4%, 5-year bonds at 103. Interest is payable semiannually on July 1 and January 1. Straight-line amortization method is used.

Instructions

Prepare journal entries to record the

(a)   Issuance of the bonds.

(b)   Payment of interest on July 1, assuming no previous accrual of interest. Need to also show the entry of the amortization of the premium to interest.

(c)        Accrual of interest on December 31. Need to also show the entry of the amortization of the premium to interest.

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