Crosson Company uses the straight-line method of amortization and had a 10-year, 8 percent, $1300000...
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Crosson Company uses the straight-line method of amortization and had a 10-year, 8 percent, $1300000 bond issue outstanding that had been sold at a $15600 discount in 2015. The bonds pay interest on June 30 and December 31, and the company's fiscal year end is December 31. The Journal entry on June 30, 2018 will include: a 55200 credit to Cash * $1560 credit to Premium on Bonds Payable. a $50440 debit to Interest Expense. $780 credit to Discount on Bonds Payable
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