Answers
Requirement 1:
| Date | Account title and explanation | Debit | Credit | |
| 1 | Nov. 1, 2019 | Cash (100,000 x 1.04) | $ 104,000.00 | |
| Premium on bonds payable | $ 4,000.00 | |||
| Bonds payable | $ 100,000.00 | |||
| [To record issue of bonds] |
Requirement 2:
| Date | Account title and explanation | Debit | Credit | |
| 2 | May 1,2020 | Interest expense (Balance figure) | $ 5,300.00 | |
| Premium on bonds payable [4,000/10 years] x (6/12) | $ 200.00 | |||
| Cash [100,000 x 11% x (6/12)] | $ 5,500.00 | |||
| [To record payment of interest ] | ||||
| Nov.1 2020 | Interest expense (Balance figure) | $ 5,300.00 | ||
| Premium on bonds payable [4,000/10 years] x (6/12) | $ 200.00 | |||
| Cash [100,000 x 11% x (6/12)] | $ 5,500.00 | |||
| [To record payment of interest ] | ||||
| Dec.31,2020 | Interest expense (Balance figure) | $ 1,766.67 | ||
| Premium on bonds payable [4,000/10 years] x (2/12) | $ 66.66 | |||
| Interest payable [100,000 x 11% x (2/12)] | $ 1,833.33 | |||
| [To record accrued interest] |
Requirement 3:
| Date | Account title and explanation | Debit | Credit | |
| 3 | Feb.1,2021 | Interest expense (Balance figure) | $ 530.00 | |
| Premium on bonds payable [800/10 years] x 3/12 | $ 20.00 | |||
| Interest payable [20,000 x 11% x (3/12)] | $ 550.00 | |||
| [To record accrued interest from Nov.1 to Feb.1.(3 months)] | ||||
| Feb.1,2021 | Bonds payable | $ 20,000.00 | ||
| Premium on bonds payable (Unamortized) | $ 700.00 | |||
| Interest payable | $ 550.00 | |||
| Cash (See calculations) | $ 20,150.00 | |||
| Gain on bonds redemption | $ 1,100.00 | |||
| [To record redemption of bonds payable] |
Calculations:
| Unamoritzed premium on retired bonds (Worth $20,000 face value) | |
| Premium on bonds payable (20,000 x 0.04) | $800 |
| (Less): Premium amortized [(800/10) x (15 months/12 months)] | ($100) |
| Unamortized premium | $700 |
| Cash payment to retired bonds | |
| For bonds payable (20,000 x 0.98) | $19,600 |
| For accrued interest [20,000 x 11% x (3 months/12 months) | $550 |
| Total cash payments | $20,150 |
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