(Learning Objectives 2: Accounting for bonds payable at a discount; amortizing by the effective interest method)

❙ Requirements 1. Journalize the following transactions of Laporte Communications, Inc.:

2. At December 31, 20X0, after all year-end adjustments, determine the carrying amount of Laporte Communications bonds payable, net.

3. For the six months ended July 1, 20X0, determine for Laporte Communications, Inc.:

a. Interest expense

b. Cash interest paid What causes interest expense on the bonds to exceed cash interest paid?