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  3. a company issued $4,920,000 of 6%,10-year bonds on

A company issued $4,920,000 of 6%,10-year bonds on December 31 , 2022 for $4,248,000 to...

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Accounting

image A company issued $4,920,000 of 6%,10-year bonds on December 31 , 2022 for $4,248,000 to yield an effective annual rate of 8%. Interest is paid to bondholders annually. The effective interest method of amortization is to be used. The journal entry to be recorded at the end of the second year (on December 31, 2024) for the payment of interest and the amortization of discount will include a debit to Bond Interest Expense for \$295,200. credit to Discount on Bonds Payable for $44,640. credit to Discount on Bonds Payable for $48,211. credit to Cash for $343,411

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