Prepare journal entries to record the following transactions relating to long- term bonds of Lancaster...
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Prepare journal entries to record the following transactions relating to long term bonds of Lancaster Inc. Shows calcualtions and round to the nearest dollar. a On June Lancaster Inc. issued $ bonds for $ interest is payable semiannually on February and Agust with the bonds maturiting on February The bonds are callable at B on August Lancaster paid the semiannual interest and recorded the amortization of the discount or premium, using straight line amortization. C On February Lancaster paid the semiannual interest and recorded amortization of the discount or premium Assume that a reversing entry was made on January D The company then purchased $ of the bonds at the call price.
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