A company issued 10-year,9% bonds with a par value of $500,000 when the market rate was 9.5%.The company received $484,087 in cash proceeds.Using the effective interest method,prepare the issuer's general journal entry to record the first annual interest payment and the amortization of any bond discount or premium.

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The Answer of A company issued 10-year,9% bonds with a par value of $500,000 when the market rate was 9.5%.The company received $484,087 in cash proceeds.Using the effective interest method,prepare the issuer's general journal entry to record the first annual interest payment and the amortization of any bond discount or premium.

A Company Issued 10-Year,9% Bonds with a Par Value of $500,000