Question

In: Accounting

Already been answered on here, but it's not properly set up. Thanks in advance LRNA Company...

Already been answered on here, but it's not properly set up.
Thanks in advance

LRNA Company issued $380,000, 7%, 10-year bonds on December 31, 2017 for $408,268. This price resulted in an effective-interest rate of 6% on the bonds. Interest is payable semiannually on June 30 and December 31. LRNA uses the effective-interest method to amortize bond premium or discount. Instructions

(a) Show the set up of the basic bond information.

(b) Prepare an effective interest amortization table through December 31, 2019 (the first four interest payment dates.) (Round to the nearest dollar.)

(c) Prepare the general journal entries to record the following.

(1) The issuance of the bonds on December 31, 2017.

(2) The payment of interest and the premium amortization on June 30, 2018.

(3) The payment of interest and the premium amortization on December 31, 2018

Set up for this--

SET-UP OF BASIC BOND INFORMATION:

Face Value: __________

Stated Rate of Interest: __________

Annual Stated Interest = Face Value x Stated Interest = $400,000 x 7%: __________

Periodic Stated Interest = Annual Stated Interest / m = $28,000 /2: __________

Bond Price Discount on Bond: __________

(b) EFFECTIVE INTEREST AMORTIZATION TABLE:

(c) JOURNAL ENTRIES FOR BOND TRANSACTIONS:

Lorance Corporation issued $400,000, 7%, 20-year bonds on December 31, 2017, for $360,415 at a time when the effective rate of interest was 8%. Interest is payable semiannually on June 30 and December 31. Lorance uses the effective interest method to amortize bond premium or discount.

If you could include this with the same setup, that would be amazing! Thank you.

Expert Solution

ekkarill92 answered 1 year ago

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