Question: I need help solving a and b please Exercise 14-8 Presented below are three independent situations. (a) Crane Co. sold $2,080,000 of 12%, 10-year bonds

I need help solving a and b please Exercise 14-8 Presented belowI need help solving a and b please

Exercise 14-8 Presented below are three independent situations. (a) Crane Co. sold $2,080,000 of 12%, 10-year bonds at 105 on January 1, 2017, The bonds were dated January 1, 2017, and pay interest on July 1 and January 1. If Crane uses the straight-line method to amortize bond premium or discount, determine the amount of interest expense to be reported on July 1, 2017, and December 31, 2017. (Ronswer to O decimal places, e.g. 38,548.) Interest expense to be recorded (b) Cheyenne Inc. issued $590,000 of 9%, 10-year bonds on June 30, 2017, for $488,488. This price provided a yield of 12% on the bonds. Interest is payable semiannually on December 31 and June 30. If Cheyenne uses the effective-interest method, determine the amount of interest expense to record if financial statements are issued on October 31, 2017. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to o decimal places, e.g. 38,548.) Interest expense to be recorded g

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