Chart of Accounts General Journal Instructions On January 1, Canglon, Inc., issues 10%, 5-year bonds with a face value of $150,000 when the effective rate is 12%. Interest is to be paid semiannually. Assume Canglon uses the effective interest method to amortize the discount Required: Prepare the journal entry to record the first interest payment Bond Issue Chart of Accounts General Journal Instructions On January 1, Lightfoot Corporation issues 10%, 5-year bonds with a face value of $275,000 when the effective interest rate is 9%. Interest is to be paid semiannually. Lightfoot uses the effective interest method to amortize the premium. Required: Prepare the journal entry to record the first interest payment