Bonds to fund their new sports stadium, Accounting Basics

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Bonds to fund their new sports stadium

Problem:

Huntington Huskies issue 1,000, 20-year, 6%, $1,000 bonds to fund their new sports stadium on January 1, 2013, at 102. The bond premium would be recorded as a:

$0, there is no bond premium on this transaction.
$60,000 debit to Premium on Bond Payable.
$20,000 debit to Premium on Bond Payable.
$20,000 credit to Premium on Bond Payable.

Note: Show all workings.

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Accounting Basics: Bonds to fund their new sports stadium

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Accounting Basics: Bonds to fund their new sports stadium

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