Coffman Company sold bonds with a face value of $1,000,000 for $950,507. The bonds have a coupon rate of 9 percent, mature in 7 years, and pay interest semiannually every June 30 and December 31 All of the bonds were sold on January 1 of this year. Using a discount account, record the sale of the bonds on January 1 and the payment of interest on June 30 of this year. Coffman uses the effective-interest amortization method. Assume an annual market rate of interest of 10 percent. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field, Round final answers to nearest whole dollar) View transaction list Journal entry worksheet 1 2 Record the sale of the bonds on January 1. Note: Enter debits before credits General Journal Debit Credit Date January 01 Record entry Clear entry View general journal Coffman Company sold bonds with a face value of $1,000,000 for $950,507. The bonds have a coupon rate of 9 years, and pay interest semiannually every June 30 and December 31. All of the bonds were sold on January 1 of this year. Using a discount account, record the sale of the bonds on Jan payment of interest on June 30 of this year. Coffman uses the effective-interest amortization method. Assume an interest of 10 percent. (If no entry is required for a transaction/event, select "No journal entry required" in the Round final answers to nearest whole dollar.) View transaction list Journal entry worksheet