On 1/1/2020, Nash Corporation issued a 5-year $2,000,000 bond with stated interest rate of 10%. Interests were payable semiannually on 7/1 and 1/1. The bond was issued for $2,341,208 cash. Nash uses the effective interest method to amortize any bond discount/premium.

What is the semiannual market interest rate for the bond?

Prepare journal entries for Nash in 2020.