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On December 31 Spearmint, Inc., issued $450,000 of 9 percent, 3-year bonds for cash of...

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Accounting

On December 31 Spearmint, Inc., issued $450,000 of 9 percent, 3-year bonds for cash of $461,795. After recording the related entry, Bonds Payable had a balance of $450,000 and Premium on Bonds Payable had a balance of $11,795. Spearmint uses the straight-line bond amortization method. The first semiannual interest navment was made on June 30 of the next vear.
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