Please help me with this Bond Handout

Chapter 13 Extra Credit Bond Handout ROUND ALL ANSWERS TO THE NEAREST DOLLAR Lynch Corp. issued $500,000, 8.5%, 7-year bonds dated July 1, 20xO at 108.2 to yield 7%. Interest dates are January 1 and July 1. (a) (b) (c) (d) (e) (f) (j) Prepare the entry to record the sale on 7/1/xO: Prepare the bond amortization table through 1/1/x2. Prepare the 12/31/xO year-end entry: What is the effect on the financial statements if the 12/31/xO adjusting entry is omitted? What is the carrying value of the bonds on the 12/31/xO balance sheet? Prepare the 1/1/x1 entry required for payment of semiannual interest. Prepare the 7/1/x1 entry required for payment of semiannual interest. How much interest is paid to the bondholders in 20xO? In 20x1? How much Interest Expense should be reported on the 20xO Income Statement? On the 20x1 Income Statement? How much Interest Payable will appear on the 12/31/xO Balance Sheet?