Line item descriptions Cash Premium on Bonds Payable Bonds Payable Bond Interest Expense 10-10 Effective Interest Amortization On January 1, Raines, Inc., issued yielding an effective interest rate of The firm uses the effective interest method to amortize the premium. 250,000 of 10% 15 -year bonds, for $293,230 8% . Semiannual interest is payable on June 30 and December31 each year. Required a. Prepare an amortization schedule showing the necessary information for the first two interest periods. Round amounts to the nearest dollar b. Prepare the journal entry for the bond issuance on January 1 c. Preparethejournal entry to record the bond interest payment and premium amortization at June 30 d. Prepare the journal entry to record the bond interest payment and premium amortization at December 31