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27) On January 1, 2016, a company issues 3-year bonds with a face value of $50,000 and a stated interest rate of 7%. Because the

27) On January 1, 2016, a company issues 3-year bonds with a face value of $50,000 and a stated interest rate of 7%. Because the market interest rate is 9%, the company receives $47,469 for the bond. Required: a) Prepare journal entry to record the issuance of bonds b) Prepare journal entry to record the first interest payment on December 31, 2016, using effective interest method

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