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Lorance Corporation issued $440,000, 7%, 20-year bonds on January l, 2017, for $396, 799. This...

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Accounting

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Lorance Corporation issued $440,000, 7%, 20-year bonds on January l, 2017, for $396, 799. This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January 1. Lorance uses the effective-interest method to amortize bond premium or discount. Prepare the Journal entry to record the issuance of the bonds. (Round answers to 0 decimal places, e.g. 15, 250. Credit account tides are automatically indented when amount is entered. Do no indent manually.)

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