Question: Help Save & Exl On January 1, a company issues bonds dated January 1 with a par value of $520,000. The bonds mature in

Help Save & Exl On January 1, a company issues bonds dated

Help Save & Exl On January 1, a company issues bonds dated January 1 with a par value of $520,000. The bonds mature in 5 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $498.930. The journal entry to record the second interest payment using the effective interest method of amortization is

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