Brief Exercise 15-13 a-b Oriole Inc. issues $4,000,000, 5-year, 8% bonds at 103, with interest payable annually on January 1, The straight- line method is used to amortize bond premium Your answer is partially correct. Try again Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1 Cash Debit Credit 4120000 Premium on Bonds Payable 120000 Bonds Payable 4000000 SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is partially correct. Try again Prepare the adjusting journal entry to record interest expense and bond premium amortization on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Interest Expense 24000 Bonds Payable 320000 Premium on Bonds Payable 344000 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT