On May 1, 201X, Lance Corporation issued $900,000 of 15%, 20-year bonds at 102. The interest is payable on November 1 and May 1. The premium is amortized by the straight-line method. Prepare an amortization schedule for the first three semiannual periods and journalize the following transactions: 201X May 1 Bonds issued. Nov. 1 Paid semiannual interest and amortized premium.

On May 1, 201X, Lance issued $900,000 of 15%, 20-year bonds at 102. The interest is payable on November 1 and May 1. The premium is amortized by the straight-line method. Prepare an amortization schedule for the first three semiannual periods and journalize the following transactions:
201X
May 1 Bonds issued.
Nov. 1 Paid semiannual interest and amortized premium.
Dec. 31 Accrued bond interest and amortized premium.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...