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Problem 1: Game Corp. issued $5000 in principal of 4% 5-year junior notes with annual payments. Investors paid par to purchase the bonds and $300 in issuance costs were paid directly from the proceeds of the bond sale, which implied a 5.4% discount rate on the debt. What is the journal entry required to record the first interest payment?
Option 1: Cr. Cash -- $200
Option 2: Cr. Debt payable -- $923
Option 3: Dr. Interest expense -- $254
Option 4: Cr. Discount on debt payable -- $54
Option 5: Cr. Cash -- $260
Option 6: Dr. Bond issuance expense -- $60
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