(Answered) Question 1 - on the first day of the fiscal year a company

Accounting

Question 1 - On the first day of the fiscal year, a company issues a $2,000,000, 12%, five-year bond that pays semiannual interest of $120,000 ($2,000,000 x 12% x1/2), receiving cash of $2,154,440. Journalize the bond issuance.

Cash - $2,154,440

Premium on Bonds payable - 154,440

Bonds Payable - 2,000,000

Question 2 - Using the bond from question 1, journalize the first interest payment and the amortization of the bond premium.

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