Question: Cornerstone Exercise 9-29 (Algorithmic) Debt Issued at a Premium (Straight Line) On January 1, 2020, Ironman Steel issued $800,000, 8-year bonds for $861,000. The stated

Cornerstone Exercise 9-29 (Algorithmic) Debt Issued at a Premium (Straight Line)

Cornerstone Exercise 9-29 (Algorithmic) Debt Issued at a Premium (Straight Line) On January 1, 2020, Ironman Steel issued $800,000, 8-year bonds for $861,000. The stated rate of interest was 6% and interest is paid annually on December 31. Required: Prepare the necessary journal entry on December 31, 2023, assuming the straight-line method is followed. 2023 Dec. 31 Interest Expense Premium on Bonds Payable Cash (Record interest expense) Check My Work Any premium or discount is amortized to interest expense

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