BOND PREMIUM AMORTIZATION Fields Company sold an issue of $800,000, 10%, 10-year bonds for $852,032 on March 1. The interest is payable semiannually on September 1 and March 1. The market rate of interest at the time the bonds were issued was 9%. Journalize the following transactions (round all amounts to the nearest dollar).

Sept. 1 Paid the first semiannual interest payment and amortized the bond premium, using the effective interest method.

Dec. 31 Made the adjusting entry for bond interest accrued and amortization of the bond premium from September 1.

Jan. 2 Reversed the adjusting entry for bond interest accrued and bond premium amortization as of December 31.

Mar. 1 Paid the second semiannual interest payment and amortized the bond premium.