Question: Exercise 9-70 (Algorithmic) Interest Payments and Interest Expense for Bonds (Straight Line) Klamath Manufacturing sold 20-year bonds with a total face amount of $416,000 and

Exercise 9-70 (Algorithmic) Interest Payments and Interest Expense for Bonds (Straight Line) Klamath Manufacturing sold 20-year bonds with a total face amount of $416,000 and a stated rate of 7.5%. The bonds sold for $440,000 on January 1, 2020, and pay interest semiannually on June 30 and December 31. Required: the entry to recognize the sale of the bonds. 2020 Jan. (Record issuance of bonds at premium.) 2. Determine the amount of the semiannual cash interest payment required by the bonds. Round your answer to the nearest whole dollar, if required 3. Prepare the iournal entry made by Klamath at lune 30

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