11) On January 1, a company issues bonds dated January 1 with a par value of $300,000. The bonds mature in 5 years. The contract rate is 9%, and interest is paid semiannually on June 30 and December 31 . The market rate is 10% and the bonds are sold for $XXXXX. The journal entry to record the issuance of the bond and the first interest (straight line method) payment are