heaven industries inc. issued 10 year bonds with a total face amount of $5million abd a stated rate of 6% on december 31st 2010for $5066000. semi annual interest payments are made each june 30 and December 31. Heaven uses the straight line method for amoritization of bond discount or premium.

record heaven indusrties inc. journal entries for bond issuance at Dec. 31, 2010 and another to record the interest payment from june 30, 2011