Subject - account Please help me. Thankyou. A $485,000 bond issue on which there is an unamortized discount/premium of $32,000 is redeemed for $470,000. Journalize the redemption of the bonds.If an amount box does not require an entry, leave it blank or enter "0".Bonds PayableLoss on Redemption of BondsDiscount on Bonds PayableCash485,00032,000470,000 On the first day of the fiscal year, a company issues a $359,000, 9%, 10-year bond that pays semiannual interest of $16,155 ($359,000 x 9% x 1/2), receiving cash of$377,000. Journalize the entry to record the first interest payment and amortization of discount/premium using the straight-line method.If an amount box does not require an entry, leave it blank or enter "0".Interest ExpensePremium on Bonds PayableCashFeedbackCheck My WorkPartially correct8,950 X2,205 X16,155

The bonds are issued at premium when market rate is lower than the coupon rate of bonds payable. The…

A $485,000 bond issue on which there is an unamortized discount/premium of $32,000 is redeemed for $470,000. Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank or enter "0". Bonds Payable Loss on Redemption of Bonds Discount on Bonds Payable Cash 485,000 32,000 470,000