How much the bonds will sell for and prepare the journal entries. Effective$/$market rate $11\%$ Contract rate $12\%$ Descartes Alarms Co$.$ issued $$10,000,000$ of a five year, $12\%$ bonds with interest payable semiannually at an effective rate of $11\%.$ Present value of the annuity. $2019$ Jan. $1$ Sale of the bond June $30$ Paid the semiannual interest payment and the amortization of the bonds $2023$ Dec. $31$ Paid the bond at maturity.