California Coal Company has $10\%,10-$year bonds payable that mature on June $30,2034.$ The bonds are issued on June $30,2024,$ and California Coal pays interest each June $30$ and December $31.$

Read the requirements.

Requirements

of issuance is $8\%?$ If the market interest rate is $12\%?$

Will the bonds be issued at face value, at a premium, or at a discount if the market interest rate on the date of issuance is $8\%?$ If the market interest rate is $12\%?$

California Coal issued $$300,000$ of the bonds at $92\mathrm{.}5.$ Round all calculations to the nearest dollar.

a$.$ Record issuance of the bonds on June $30,2024.$

b$.$ Record the payment of interest and amortization of the discount on December $31,2024.$ Use the straight$-$line amortization method.

c$.$ Compute the bonds' carrying amount at December $31,2024.$

d$.$ Record the payment of interest and amortization of discount on June $30,2025.$