On december 31, 2019, spearmint, inc., issued $450,000 of 9 percent, 3-year bonds for cash of $461,795. after recording the related entry, bonds payable had a balance of $450,000 and premium on bonds payable had a balance of $11,795. spearmint uses the straight-line bond amortization method. the first semiannual interest payment was made on june 30, 2020. complete the necessary journal entry for june 30, 2020 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

Lynch company manufactures and sells a single product. the following costs were incurred during the company’s first year of operations: variable costs per unit: manufacturing: direct materials $ 12 direct labor $ 6 variable manufacturing overhead $ 1 variable selling and administrative $ 1 fixed costs per year: fixed manufacturing overhead $ 308,000 fixed selling and administrative $ 218,000 during the year, the company produced 28,000 units and sold 15,000 units. the selling price of the company’s product is $56 per unit. required: 1. assume that the company uses absorption costing: a. compute the unit product cost. b. prepare an income statement for the year. 2. assume that the company uses variable costing: a. compute the unit product cost. b. prepare an income statement for the year.