Dornrrina Bonds Issued at a Premium$-$Effective Interest

rtially correct

Yale Corporation issued $$60,000,8\%($cash interest payable semiannually on June $30$ and December $31)10-$year bonds dated and sold on January $1.$ Yale

amortizes any bond discount or premium using the effective interest amortization method. If the bonds were sold to yield $7\%,$ provide journal entries

to be made at each of the following dates.

a$.$ January $1,$ for issuance of bonds.

b$.$ June $30,$ for the first interest payment.

Note: Round your answer to the nearest whole dollar.