Pina Colada Corp. issues $$4\mathrm{.}30$ million, $5-$year, $13\%$ bonds at $104,$ with interest payable on January $1.$ The straight$-$line method is used

to amortize bond premium.

$($a$)$

Prepare the journal entry to record the sale of these bonds on January $1,2022.($Credit account titles are automatically

indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles

and enter $0$ for the amounts.$)$

Debit

Credit

Premium on Bonds Payable

Bonds Payable