eBook 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 $885,000. 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 v Premium on Bonds Payable Cash (Record interest expense) Check My Work Any premium or discount is amortized to interest expense Previous Next Check My Work All work saved 1158 AM /11/2018