On June $1,202$X$,$ Prosper Corporation issued $$240,000$of $12\%,$

$5-$year bonds for $$279,038,$

yielding a market rate of $8\%.$ Interest is paid on December

$1$ and June $1.$ ProsperCorporation uses the interest method to amortize the premium.

Requirements

$1.$ Prepare an amortization schedule for the first three semiannual periods.

$2$ a$.$ Prepare the journal entry to record the bond issue on June $1.$

$2$b$.$ Prepare the journal entry to record the semiannual interest payment and amortization

of premium on December $1.$

$2$ c$.$ Prepare the year$-$end adjusting entry to record expense and premium amortization.