On January 1, 2022, Drennen, Incorporated, issued $5.1 million face amount of 11-year, 18% stated rate bonds when market interest rates were 16%. The bonds pay semiannual interest each June 30 and December 31 and mature on December 31, 2029. Table 6-4, Table 6-5 Note: Use appropriate factor from the table provided. b-1. Assume instead that the proceeds were $5,027,000. Use the horizontal model to record the payment of semiannual interest and the related discount amortization on June 30, 2022, assuming that the discount of $73,000 is amortized on a straight-line basis. Note: Enter decreases with a minus sign to indicate a negative financial statement effect.

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