Question: On January 1, a company issues bonds dated January 1 with a par value of $490,000. The bonds mature in 5 years. The contract rate

On January 1, a company issues bonds dated January 1 with a par value of $490,000. 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 $470.146. The journal entry to record the issuance of the bond is: On January 1, Parson Freight Company issues 8.0%, 10-year bonds with a par value of $4,200,000. The bonds pay interest semiannually. The market rate of interest is 9.0% and the bond selling price was $3.914.607. The bond issuance should be recorded as

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