Question: On January 1, a company issues bonds dated January 1 with a par value of $550,000. The bonds mature in 5 years. The contract rate

On January 1, a company issues bonds dated January 1 with a par value of $550,000. The bonds mature in 5 years. The contract rate is 6%, and Interest is paid semiannually on June 30 and December 31. The market rate is 7% and the bonds are sold for $527,119. The Journal entry to record the second interest payment using the effective interest method of amortization is

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