The fiscal year ends December 31 for Lake Hamilton Development. To provide fun

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    The fiscal year ends December 31 for Lake Hamilton Development. To provide funding for its Moonlight Bay project LHD issued 9% bonds with
    a face amount of $550000 on November 1 2013. The bonds sold for $502815 a price to yield the market rate of 10%. The bonds mature October 31 2033 (20
    years). Interest is paid semiannually on April 30 and October 31.

    1. What amount of interest expense related to the bonds will LHD report in its income statement for the year ending December 31 2013?

    2. What amount(s) related to the bonds will LHD report in its balance sheet at December 31 2013?

    3. What amount of interest expense related to the bonds will LHD report in its income statement for the year ending
    December 31 2014?

    What amount(s) related to the bonds will LHD report in its balance sheet at December 31 2014?

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