Interest Payments and interest Expense for Bonds (Stroight Line) On January 1 , Harrington Corporation sold $98,000 of 15 -year, 11% bonds. The bonds sold for $94,000 and pay interest semiannually on Jane 30 and December 31 . Required 1. Prepare the journal entry to record the sale of the bonds. If an amount box does not require an entry, leave it blank. Jar treseck * cheik yi Wok 1. When bones are issued, any premium or discount is rocorded in a separate valuation account. 2. Calculate the amount of the semiannual interest payment. Round your answer to the nearest whole dollar and use the same in subsequent calculations. Foeneak r ched My work 2. When calculating interest, consider the principal, the annual incerest rate and the time period. 3. When bonds are issued, any premium or discount is recorded in a separate valuation account. 4. Calculate the annuol interest expense for the first year. x