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Journalize the entry to record payment of interest for year

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Question - On the first day of the fiscal year a company issues a $7,500,000, 8%, five-year bond that pays semiannual interest of $300,000 ($7,500,000 x 8% x 1/2), receiving cash of $7,811,873, when the market rate was 7%. The company uses the effective interest rate method.

Required -

Journalize the entry to record the payment of interest for year 1.

Journalize the entry to record the payment of interest for year 2.

Reference no: EM132877595

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