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RKO Company sold bonds with a face value of $850,000 for $910,000. The bonds have a coupon rate of 8 percent, mature in 10 years, and pay interest annually every December 31. All of the bonds were sold on January 1 of this year. Using a premium account, record the sale of the bonds on January 1 and the payment of interest on December 31 of this year. RKO uses the effective-interest amortization method. Assume an annual market rate of interest of 7 percent. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction listView journal entry worksheet Date Debit No General Journal Credit January 01 Cash 910,000 850,000 60,000 Bonds payable Premium on bonds payable 2December 31 Interest expense 63,700 4,300 Premium on bonds payable 68,000 Cash