On January 1, a company issues bonds dated January 1 with a par value of $400,000. The bonds mature in 5 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $383,793. (10 points) (a) Prepare the general journal entry to record the issuance of the bonds on January 1. (b) Show how the bonds would be reported on the balance sheet at January 1. (c) Assume instead that the company uses the straight-line method of amortization of any discount or premium on bonds. Prepare the general journal entry to record the first semiannual interest payment