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Determine 1 the premium on bonds payable at the date of

Question - On the first day of the fiscal year, Jill Company issues $4,308,000, 10%, 10-year bonds for cash of $4,893,485 when the market rate of interest was 8%. The bonds pay interest semi-annually on June 30 and December 31.

Determine (1) the premium on bonds payable at the date of issuance, (2) the semi-annual cash interest payment, (3) the semi-annual premium amortization using the straight line method, and (4) the semi-annual interest expense.

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