Exercise 10-18 Lorance Corporation issued $820,000, 7% , 10-year bonds bond premium ur discount. July 1 and January 1, Lorance uses the effective-interest method t January 1, 2015, for $764,281. This price resulted in an effective-interest rate of 8%% on the bonds. Interest is payable semiannually amortize Prepare the journal entry to record the issuance of the bonds. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Istles and Explanation Debr Credit Jan. 1 SHOW LIST QF ACCOUNTS interest and the discount amortization on July 1, 2015, assuming that interest was not accrued on June 30. (Round answers to 0 decimal places, e.a. 15,250. Credit account titles are automatically indented when amount is aatered, Do not indent manually.1 Date Account Titles and Explanation Debit Credit July 1 SHOW LTST OF ACCOUNTS Prepare the journal entry to record the accrual of interest a the discount amortization on December , 2015. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31