On January 1, a company issued 10%, 10-year bonds payable with a par value of $720,000 when the market rate was 8%. The bonds pay interest on July 1 and January 1. The bonds were issued for $817, 860 cash. What is the amount of the premium on this bond issuance? Prepare the journal entry to record the issuance of the bonds. What is the total interest expense over the life of the bond? Show the journal entry that will be used to record the interest payments over the life of the bonds