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PR 14-6A Bond premium, entries for bonds payable transactions, interest method of amortizing bond premium. O'Halloran, Inc. produces and sells outdoor equipment. On July 1, Year 1, O'Halloran, Inc. issued $32,000,000 of 6-year, 8% bonds at a market (effective) interest rate of 7%, receiving cash of $33,546,022. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Problem 14-6A Question 1 Year 1 July 1 Wrong Wrong Wrong Question 2 a. Year 1 Dec. 31 Wrong Wrong Wrong b. Year 2 June 30 Wrong Wrong Question 3