Issue bonds and pay interest - straight line method 3 journal entries Face value of bonds 500,000 Stated interest rate 5% The bonds were issued at 99 The company uses straight line amortization over the 10 year term of the bonds. Interest payment dates July 1 January 1 INSTRUCTIONS: 1/1/2022 Prepare the journal entry to issue the bonds. Prepare the journal entries to record the interest for the year.