Using a Premium Amortization Table (Straight Line) For Dingle Corporation, the following amortization table was prepared when $400,000 of 5-year, 7% bonds were sold on January 1, 2024, for $436,000.

Premium Premium Cash Interest on Bonds on Bonds Payable Payment (Credit) Expense (Debit) Payable (Debit) Carrying Value Period Balance At issue 36,000 436,000 06/30/24 $14,000 $10,400 $3,600 32,400 432,400 12/31/24 14,000 10,400 3,600 28,800 428,800 06/30/25 14,000 10,400 3,600 25,200 425,200 12/31/25 14,000 10,400 3,600 21,600 421,600 06/30/26 14,000 10,400 3,600 18,000 418,000 12/31/26 14,000 10,400 3,600 14,400 414,400 06/30/27 14,000 10,400 3,600 10,800 410,800 12/31/27 14,000 10,400 3,600 7,200 407,200 06/30/28 14,000 10,400 3,600 3,600 403,600 12/31/28 14,000 10,400 3,600 0 400,000 Required: 2024 Jan. 1 Cash 436,000 Bonds Payable 400,000 Premium on Bonds Payable 36,000 Record issuance of bonds at premium Feedback 2. Prepare the entry to recognize the first interest payment on June 30, 2024. If an amount box does not require an entry, 2024 June 30 Bonds Payable Bonds Payable X Premium on Bonds Payable X Record interest expense Feedback 3. Determine what interest expense for this bond issue Dingle will report in its 2025 income statement. Feedback 4. Indicate how these bonds will appear in Dingle's December 31, 2027, balance sheet. Dingle Corporation Balance Sheet (partial) December 31, 2027 Bonds payable: 7% Bonds, due 2028 Add: Unamortized Premium on Bonds Payable