## Answers

(1) Journal entries are as prepared below:

Year | Particulars | L.F | Debit ($) | Credit ($) |

2010 | ||||

Jan-01 | Cash | 4,297,546 | ||

Premium on Bonds Payable | 297,546 | |||

Bonds Payable | 4,000,000 | |||

(For bonds issued at premium) | ||||

Jul-01 | Interest Expense (4,297,546*6%*6/12) | 128,926 | ||

Premium on Bonds Payable | 11,074 | |||

Cash (4,000,000*7%*6/12) | 140,000 | |||

(For paid for interest) | ||||

Dec-31 | Interest Expense (4,286,472*6%*6/12) | 128,594 | ||

Premium on Bonds Payable | 11,406 | |||

Interest Payable (4,000,000*7%*6/12) | 140,000 | |||

(For paid for interest) | ||||

2011 | ||||

Jan-01 | Interest Payable | 140,000 | ||

Cash | 140,000 | |||

(For cash paid on interest) | ||||

2020 | ||||

Jan-01 | Bond Payable | 4,000,000 | ||

Cash | 4,000,000 | |||

(for bonds matured) |

(2) Carrying amount of Bonds on December 31, 2010 is as shown below:

Bonds Payable $4,286,472

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