d. T/F: Amortizing a bond premium decreases the amount of interest expense from the stated rate of interest to the effective rate of interest. This statement is

On January 1, Year 1, the Diamond Association issued bonds with a face value of $223,000, a stated rate of interest of 13 percent, and a 10-year term to maturity. Interest is payable in cash on December 31 of each year. The effective rate of interest was 15 percent at the time the bonds were issued. The bonds sold for $200,616. Diamond used the effective interest rate method to amortize the bond discount Required a. Determine the amount of the discount on the day of issue. b. Determine the amount of interest expense recognized on December 31, Year 1. (Round your answer to the nearest dollar amount.) c. Determine the carrying value of the bond liability on December 31, Year 1. (Round your answer to the nearest dollar amount.) Answer is complete but not entirely correct. a b. Discount Interest expense Carrying value $ 22,384 $ 30.092 $ 208,408 d. Provide the general journal entry necessary to record the December 31, Year 1, interest expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest dollar amount.) Answer is not complete. General Journal Credit No 1 Date Year 1 Debit 30.092 Interest expense Cash 30,092