Question: 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

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

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 $449,000. Premium Premium Period Cash Payment (Credit) Interest Expense (Debit) on Bonds on Bonds Payable Payable. Carrying (Debit) Balance Value At issue 49,000 449,000 06/30/24 $14,000 $9,100 $4,900 44,100 444,100 12/31/24 14,000 9,100 4,900 39,200 439,200 06/30/25 14,000 9,100 4,900 34,300 434,300 12/31/25 14,000 9,100 4,900 29,400 429,400 06/30/26 14,000 9,100 4,900 24,500 424,500 12/31/26 14,000 9,100 4,900 19,600 419,600 06/30/27 14,000 9,100 4,900 14,700 414,700 12/31/27 14,000 9,100 4,900 9,800 409,800 06/30/28 14,000 9,100 4,900 4,900 404,900 12/31/28 14,000 9,100 4,900 0 400,000 Required: 1. Prepare the entry to recognize the issuance of the bonds on January 1, 2024. If an amount box does not require an entry, leave it blank. 2024 Jan. 1 Record issuance of bonds at premium

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