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Kimmel, Accounting, Ge PRIN. OF ACCT IA D VIEW Pharoah Company issued $498,000, 7%, 30-year...

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Accounting

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Kimmel, Accounting, Ge PRIN. OF ACCT IA D VIEW Pharoah Company issued $498,000, 7%, 30-year bonds on January 1, 2017, at 105. Interest is payable annually on January 1 bond premium or discount. PRINTER VERSTON r BACK Pharoah uses straight-line amortization f Prepare the journal entries to record the olowing events. (Credit accouns ter ae sutomaticaly Indented when amount s entered, Do not ndent manuaily (a) (b) (c) (d) The issuance of the bonds. The accrual of interest and the premium amortization on December 31. 2017. The paymentlof interest on January 1, 2018. The redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded No. Date Account Titles and Explanation Debit Credit (a) Jan. 1, 2017 cash $22900 Bonds Payable Premium on Bonds Payable (b) Dec. 31, 2017nterest Expense Premilum on Bonds Payable Interest Payable (c) Jan. 1, 2018 interest Payabie (d) Jan. 1, 2047 Bonds Payable Cash TO

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