$300,000 of 10%,20-Year Bonds Were Sold for $320,000 on January

question 136

Multiple Choice

$300,000 of 10%,20-year bonds were sold for $320,000 on January 1.The bonds require semiannual interest payments on June 30 and December 31.The entry to record the June 30 interest payment on the bonds would be to:

• A)debit Interest Expense $15,000;credit Cash,$15,000.
• B)debit Interest Expense $15,500;credit Premium on bonds payable,$500;credit Cash,$15,000.
• C)debit Interest Expense $14,500;debit Premium on bonds payable,$500;credit Cash,$15,000.
• D)debit Interest Expense $14,500;credit Cash,$14,500.

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