Account for Bonds Issued at a Premium 5M Corp. authorized and issued $60,000, 6%, 10 -year bonds on January 1. The bonds pay cash interest semiannually on July 1 and January 1 and are issued to yield 5%Record the entries for both the effective interest method AND straight-line interest method

Account for Bonds Issued at a Premium 5M Corp. authorized and issued $60,000,6%,10-year bonds on January 1. The bonds pay cash interest semiannually on July 1 and January 1 and are issued to yield 5% a. Record the entries on (1) January 1 for the issuance of the bonds, (2) July 1 for the payment of interest, and (3) December 31 for the accrual of interest, assuming that the company amortizes bond premiums using the effective interest method. - Note: Round your answers to the nearest whole dollar. Account for Bonds Issued at a Premium 5M Corp. authorized and issued $60,000,6%,10-year bonds on January 1. The bonds pay cash interest semiannually on July 1 and January 1 and are issued to yield 5% a. Record the entries on (1) January 1 for the issuance of the bonds, (2) July 1 for the payment of interest, and (3) December 31 for the accrual of interest, assuming that the company amortizes bond premiums using the effective interest method. - Note: Round your answers to the nearest whole dollar