Franklin Corporation issues $50,000, 9%, five-year bonds on January 1 for $52,100. Interest is paid semiannually on January 1 and July 1. If Franklin uses the INTEREST RATE method of amortization of bond premium, the amount of bond interest expense to be recognized on July 1 is. MAKE THE AMORTIZATION TABLE FOR 5 YEARS USING THE INTEREST RATE METHOD AND MAKE THE FIRST SEMI ANNUAL JOURNAL ENTRY.

Market rate= 9%