Effective Interest Amortization On January 1, Raines, Inc., issued $300,000 of 6%, 15-year bonds for $246,000, yielding an effective interest rate of 8%. Semiannual interest is payable on June 30 and December 31 each year The firm uses the effective interest method to amortize the discount Required Prepare an amortization schedule showing the necessary information for the first two interest periods. Round amounts to the nearest dollar. b. Prepare the journal entry for the bond issuance on January 1. Prepare the journal entry to record the bond interest payment and discount amortization at June 30 Prepare the journal entry to record the bond interest payment and discount amortization at December 31 Balance Book Value Periodic of Unamortized of Bonds Ter Period Pald Expense Amortization Discount End of Period Date b. Dec.31 Cash C. Jun.30 General Journal Description To record issuance of bonds. Debit d. Dec.31 Cash To record semiannual interest payment and discount amortization. Cash To record semiannual interest payment and discount amortization. Credit