On January 1, 2020, Morgan Enterprises issued 8%, 20-year bonds with a face amount of $5,000,000 at 101. Interest is payable annually on January 1. Prepare the entries to record the issuance of the bonds and the first annual interest accrual and amortization assuming that the company uses straight-line amortization

Explanation:

The journal entries are shown below:

1. Cash A/c Dr  $ 5,050,000

             To Bonds payable A/c $5,000,000

             To Premium on Bonds payable A/c $50,000

(Being bond is issued)

2. Interest Expense A/c Dr $3,97,500

   Premium on bonds payable A/c  $2,500        ($50,000 ÷ 20)

                    To Interest payable A/c           $400,000       ($5,000,000 × 8%)

(Being the interest expense is recorded)

all of them make sense but, i would have to say ask someone who has been there/or lives there, and/or read recent newspapers from that city.

hope this !

if you use only 25 for your entertainment and only 200 for the groceries that you really need and take out the 50 per month for the computer then that should be enough