On January 1, 2017, Concord Corporation issued eight-year bonds with a face value of $6,300,000 and a stated interest rate of 6%, payable semiannually on starting in July on July 1 and January 1. The bonds were sold to yield 8%.

Table values are:

Present value of 1 for 8 periods at 6% 0.627

Present value of 1 for 8 periods at 8% 0.540

Present value of 1 for 16 periods at 3% 0.623

Present value of 1 for 16 periods at 4% 0.534

Present value of annuity for 8 periods at 6% 6.210

Present value of annuity for 8 periods at 8% 5.747

Present value of annuity for 16 periods at 3% 12.561

Present value of annuity for 16 periods at 4% 11.652

1. Appropriate entries were made previously on January 1st and July 1st. Record the journal entry on December 31st, 2017 if the effective interest method for amortization is used (Round to two digits, i.e. $10.89).

2. Record the entry for bond repayment on at the maturity date of January 1st, 2025, assuming all interest entries have been recorded.