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ACC 112 Project 1D Following are independent situations: Your answer is partially correct. Try again. Nicholas Ram Corporation have a $1,500,000 "bond issue" dated March 1, 2016 due in 15 years with an annual interest rate of 6%. Interest is payable March 1 and September 1. On August 1, 2016, the bond was sold for $1,578,750 plus accrued interest. Using the straight-line method, prepare the general journal entries for each of the following: a) The issuance of the bond on August 1, 2016. Payment of the semi-annual interest and the amortization of the premium on b) September 1, 2016. c) Accrual ofthe interest and the amortization of the premium on December 31, 2016. d) Payment of the semi-annual interest and the amortization of the premium on March 1, 20 17. Date Account Titles and Explanatlon 20 16 Aug. 1 Cash 1616250 Premuim on Bonds Payable 78750 Bond Interest Payable 37500 Bonds Payable 1500000 Sept. 1 Bond Interest Expense IW Premuim on Bonds Payable IF Bond Interest Payable 37500 Cash 45000 DZCI Bond Interest Expense I 21133 Premuim on Bonds Payable IT Bond Interest Payable [W 20 17 Mar. 1 Bond Interest Expense I 2133 Premuim on Bonds Payable IT Bond Interest Payable [W Cash 45000 Your answer is partially correct. Try again. Stephanie Ram Corporation have a $1,180,000 \"bond issue" dated February 1, 2016 due in 10 years with an annual interest rate of 15%. Interest is payable February 1 and August 1. On April 1, 2016, the bond was sold for $1,097,400 plus accrued interest. Using the straight-line method, prepare the general journal entries for each of the following: a) The issuance ofthe bond on April 1, 2016. Payment of the semi-annual interest and the amortization of the discount on b) August 1, 2016. c) Accrual of the interest and the amortization of the dis-count on December 31, 2016. d) Payment of the semi-annual interest and the amortization of the discount on February 1, 2017. Account Titles and Explanation Credit 2016 Apr. 1 Cash 1126900 Discount on Bonds Payable 82600 Bonds Payable 1 180000 Bond Interest Payable 29500 Aug. 1 Bond Interest Expense 59000 Bond Interest Payable 29500 Discount on Bonds Payable 4130 Cash 84370 Dec; 31 Bond Interest Expense I 73750 Bond Interest Payable I 70308 Discount on Bonds Payable 344.2 2017 Feb. 1 Bond Interest Expense [W Bond Interest Payable W Discount on Bonds Payable 688 ' Cash I 34370