## Answers

Straight line amortization means the discount or premium on bonds payable will be amortized each year equally based on number of years bond is outstanding | |||||

Journal entry to record bond issued | |||||

Date | General Journal | Debit | Credit | ||

1-Jan | Cash (310,000*96%) | $297,600 | |||

Discount on bonds payable (310,000-297,600) | $12,400 | ||||

Bonds payable | $310,000 | ||||

(To record bonds payable issued) | |||||

1-Jul | Interest expense (15,500+1,240) | $16,740 | |||

Discount on bonds payable (12,400/10) | $1,240 | ||||

Cash (310,000*5%) | $15,500 | ||||

(To record interest on bonds) | |||||

31-Dec | Interest expense (15,500+1,240) | $16,740 | |||

Discount on bonds payable (12,400/10) | $1,240 | ||||

Cash (310,000*5%) | $15,500 | ||||

(To record interest on bonds) |

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