IBN Corp. issues 550000 of 10% bonds on January 1, 2018; the bonds are due on January 1, 2022. Interest is to be paid twice a year on January 1 and July 1, and the first interest payment was made on July 1, 2018. The bonds were sold to yield 8% effective annual interest. IBN Corp is a calendar year corporation. record the issuance of the bonds by INB Corp on January 1, 2018.