On January 2, 2014, Mahoney Sales issued $10,000 in bonds for $10,900. They were 5-year bonds with a stated rate of 4%, and pay semiannual interest payments. Mahoney Sales uses straight-line method to amortize bond premium. Please provide the journal entry for the first interest payment to be made on June 30, 2014.
Definitions:
Parasympathetic Division
A branch of the autonomic nervous system responsible for conserving energy and lowering the heart rate, among other functions, often referred to as the "rest and digest" system.
Autonomic Nervous System
The part of the nervous system that regulates involuntary bodily functions, including heart rate, digestion, and respiratory rate.
Refract
The process by which a wave, such as light, changes direction when it passes from one medium to another at an angle.
Pharyngotympanic Tube
Also known as the Eustachian tube, it connects the middle ear to the nasopharynx, helping equalize air pressure on both sides of the eardrum.
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