Question 23 On January 1, a company issues bonds dated January 1 with a par value of $470,000. The bonds mature in 5 years. The contract rate is 11%, and interest is paid semiannually on June 30 and December 31. The market rate is 12% and the bonds are sold for $452,707. The journal entry to record the first interest payment using the effective interest method of amortization is: Debit Interest Expense $24.538; debit Premium on Bonds Payable $1,312; credit Cash $25,850. Debit Interest Expense $27,162 credit Premium on Bonds Payable $1,312; credit Cash $25,850. Debit Interest Expense $27,162; credit Discount on Bonds Payable $1,312, credit Cash $25,850. Debit Interest Expense $24,538: debit Discount on Bonds Payable $1,312; credit Cash $25,850. 2 pts D Question 24 Stormer Company reports the following amounts on its statement of cash flow: Net cash provided by operating activities was $21,000; net cash used in investing activities was $18,200 and net cash used in financing activities was $8,800. If the beginning cash balance is $15,600, what is the ending cash balance? $9,600 $63,600 $27,000 $15,800