3a. On January 1 of Year 1, Congo Express Airways issued $4,800,000 of 7%, bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $4,404,000 and the market rate of interest for similar bonds is 8%. The bond premium or discount is being amortized using the straight-line method at a rate of $11,000 every 6 months. The life of these bonds is:

b. On January 1, a company issues bonds dated January 1 with a par value of $340,000. The bonds mature in 5 years. The contract rate is 11%, and interest is paid semiannually on June 30 and December 31. The market rate is 12% and the bonds are sold for $327,490. The journal entry to record the issuance of the bond is:

c. On January 1, a company issues bonds dated January 1 with a par value of $200,000. The bonds mature in 5 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is 6% and the bonds are sold for $208,531. The journal entry to record the first interest payment using straight-line amortization is: (Rounded to the nearest dollar.)