RECOMMENDED!!On January 1, Grissom Inc. issued 10-year, 5% bonds payable

  

On January 1, Grissom Inc. issued 10-year, 5% bonds payable with a par 1value of $500,000, and received$490,000 in cash proceeds. The market rate of interest at the date of issuance was 5.5%. The bonds pa},r interestsemiannuallyr on July 1 and January 1. The issuer uses the straight-line method for amortization. Prepare theissuer’s journal entr},r to record the ?rst semiannual interest payment on July 1. Hint: Your debit to bond interestexpense should be the sum of cash interest paid plus the amount of the discount amortized for the six-month period. (3 points)

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