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Lambert Company issues $700,000 of 10%, 10-year bonds on January 1, 2017 at 102. Interest is payable annually on January 1. The company uses the straight-line method of amortization

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Question

Lambert Company issues $700,000 of 10%, 10-year bonds on January 1, 2017 at 102. Interest is payable annually on

January 1. The company uses the straight-line method of amortization

Instructions: Journalize the entries on (1) January 1, 2017, (2) December 31, 2017. and (3) January 1, 2018.

 
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