Extra Credit Bond Handout ROUND ALLANSWERS TO THE NEAREST DOLLAR Lynch Corp. issued S600,000, 64%, 7-year bonds dated July 1, 2018 at 92.07 to yield 8%. Interest dates are January 1 and July 1. (a) Prepare the entry to record the sale on 7/1/18: (b) Prepare the 12/31/18 year-end entry: (c) What is the effect on the financial statements if the 12/31/18 adjusting entry is omitted? (d) What is the carrying value of the bonds ontie 12/31/18 balance sheet? (e) Prepare the 1/1/19 entry required for payment of semiannual interest. (1 Prepare the 7/1/19 entry required for payment of semiannual interest. (g) How much interest is paid to the bondholders in 2018? In 2019? (h) How much Interest Expense should be reported on the 2018 Income Statement? On the 2019 Income Statement? (1) How much Interest Payable will appear on the 12/31/18 Balance Sheet? 153 words