RAVEN Corp. issued $1,000,000 in 10%, 10-year semi-annual coupon bonds on March 1, 20X1 at 102. What is the entry to record the interest payment on August 31, 20X1 assuming straight line amortization?
Box 1: Select the best answer
Debit interest expense \$49,000, debit premium on bonds payable \$1,000, credit checking account \$50,000.