Question: Using the data given above, what amount of premium will be amortized by Cort Inc. on October 1, 2019, using straight-line amortization? Give the general

Using the data given above, what amount of premium will be amortized by Cort Inc. on October 1, 2019, using straight-line amortization? Give the general journal entry to record this amortization.

Cort Inc. was authorized to issue $1,000,000 of 8 percent bonds. On April 1, 2019, the corporation issued bonds with a face value of $200,000 at a price of 102.0. The bonds mature 10 years from the date of issue. Interest is payable semiannually on October 1 and April 1.

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