10% 7 Bond premium; effective-interest amortization (L.O. 2, 5) The Arctic Corporation issued $600,000 of 11%, 8-year bonds for $632,512 on January 1, 19X4. The bonds pay interest semiannually on June 30 and December 31 and were priced to yield an effective interest rate of 10%. a Prepare the required journal entry to record the bond issuance on Jan- uary 1. b Prepare entries to record the interest payment and premium amortiza tion on June 30 and December 31, 19X4. Arctic uses the effective- interest method of amortization; round to the nearest dollar. c Compute 19X4 bond interest expense. d Present the proper disclosure of the bond issue on Arctic's December S 31, 19X4, balance sheet