i need the answer quickly On July 1, 2023, LIN Inc. issued a five-year, 10% bond of $400,000 for the discount price of $343, 811.Interest is to be paid semi-annually on June 30 and December 31. The company's year end is July 31.Assume the market rate of interest was 14% on the issuance date and the discount is amortized using thestraight-line method. What is the interest payment, discount amortization, interest expense and bond bookvalue respectively from the amortization schedule for December 31, 2024? Select one: a. $20,000; $5,000;$25,000; $56, 189 b. $20,000; $5,000; $25, 619; $343, 811 c. $20,000; $5, 619; $25, 619; $360,668 d. $20,000; $5,619; $25, 619; $349,430

Maturity = 5 yearsCoupon rate = 10%Face value = $400,000Discount price = $343,811Market interest…

Answered: On July 1, 2023, LIN Inc. issued a…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 8RE

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Edward Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1, 2018 and received $480,000. Interest is payable semiannually. The discount is amortized using the straight-line method. Prepare journal entries for the following transactions. A. July 1, 2018: entry to record issuing the bonds B. Dec. 31, 2018: entry to record payment of interest to bondholders C. Dec. 31, 2018: entry to record amortization of discount
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