Entries for issuing Bonds and Amortizing Premium by Straight-Line Method Daan Corporation wholesales repair products to equipment manufacturers. On April 1, 2016, Daan Corporation issued $4,200,000 of 7-year, 6% bonds at a market (effective) interest rate of 3%, receiving cash of $4,990,233. Interest is payable semiannually on April 1 and October 1. a. Journalize the entry to record the issuance of bonds on April 1, 2016. For a compound transaction, it an amount box does not require an entry leave it blank. E