Question: Use the following data: Bonds payable, maturing in 10 years $8,000,000 Contract interest rate 5% Market (effective) interest rate 6 % Prepare the journal entry

Use the following data: Bonds payable, maturing in 10 years $8,000,000

Use the following data: Bonds payable, maturing in 10 years $8,000,000 Contract interest rate 5% Market (effective) interest rate 6 % Prepare the journal entry to record interest expense and any related amortization on December 31 of the first year using the effective intere method. Assume interest is paid annually on January 1, The bonds were issued on January 1 for $7,411,233. Round your answers to nearest dollar If an amount box does not require an entry, leave it blank or enter "O" V

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