(Answered) Question - sandhill company issued 648000 of 10 20-year

Accounting

Question - Sandhill Company issued $648,000 of 10%, 20-year bonds on January 1, 2017, at 104. Interest is payable semiannually on July 1 and January 1. Sandhill Company uses the straight-line method of amortization for bond premium or discount.

Prepare the journal entries to record the following.

(a) The issuance of the bonds.

(b) The payment of interest and the related amortization on July 1, 2017.

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