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03-01-2023
Business

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Hernandez company issued $380,000, 7%, 10-year bonds on january 1, 2022, for $407,968. this price resulted in an effective-interest rate of 6% on the bonds. interest is payable annually on january 1. hernandez uses the effective-interest method to amortize bond premium or discount. prepare journal entries for issuance of bonds, payment of interest, and amortization of premium using effective-interest method. instructions prepare the journal entries (rounded to the nearest dollar) to record: a. the issuance of the bonds. b. the accrual of interest and the premium amortization on december 31, 2022. c. the payment of interest on january 1, 2023

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