On January 1, 2019 Lightfoot Corporation issues 10% 5-year bonds with a face value of $300 000 when the effective interest rate is 9% Interest is to be paid semiannually on June 30 and December 31. Lightfoot uses the effective interest method to amortize the premium on June 30, 2019. ."Present value of 1 (n=10, i = 0.045) = 0.643928; *Present value of ordinary annuity of 1 (n=10, i = 0.045) = 7.9128 Required: (1) Please prove that the selling price is 311,869.17 by computing the present value of the principal and interest. (2) Prepare the journal entry to record the first interest payment on June 30, 2019. Edit View Insert Format Tools Table