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QuestiUIT 40 2 pts Silk Company issued $500,000 of 7%, 10-year bonds on January 1st for $431,850 with semi annual interest payments on July 1 and January 1. The effective interest rate is 9%. The effective-interest method of amortization is to be used. The journal entry on the first interest payment date, to record the payment of interest and amortization of discount will include a debit to bond interest expense $17,500. credit to cash $35,000. credit to discount on Bonds Payable for $1,933 debit to bond interest expense $22,500. Question 49 2 pts On January 1, the corporation issued $1,000,000, 10 year, 8% bonds at $1,058,000 with interest payable semi-annually on July 1 and January 1. The effective interest rate is 7%. Using the effective interest method of amortization, which of the following debits and credits would the first interest payment include on July 1? O None of the answers are correct. debit bond interest expense $37,030 and a credit to cash $40,000. debit cash $35,000 and credit to premium on bonds payable of $5,000. credit to premium on bonds payable of $2,970 and credit of cash of $40,000. Question 50 2 pts Lycra Corp issued $1,000,000 of 6%, 10-year bonds on January 1, 2021 for $870,000 with semi annual interest payments on July 1 and January 1. The effective interest rate is 8%. The effective- interest method of amortization is to be used. The journal entry on January 1, 2022 would include O None of the answers are correct. debit bond interest payable $40,000 and credit to discount on bond payable of $10,000. debit bond interest payable $30,000 and credit cash $30,000. credit to cash of $40,000

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