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HOMEWORK LB Corp. sold $59,000,000,8%,10-year bonds on January 1,2023. The bonds apply interest on...

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Accounting

HOMEWORK
LB Corp. sold $59,000,000,8%,10-year bonds on January 1,2023. The bonds apply interest on July 1 and
January 1. BC uses the staight-line method to amortize bond premium or discount. Assume no interest
accrued on June 30.
Instructions
Prepare all the necessary journal entries to record the issuance of the bonds and bond interest
happens for 2022, assuming that the bonds sold at 105.
Prepare journal entries as in part (1) assuming that the bond sold at 98.
Show statement of financial position presentation for each bond issued at December 31,2022.
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