On January 1, Year 1, the Diamond Association issued bonds with a face value of $226,000, a stated rate of interest of 7 percent, and a 10-year term to maturity. Interest is payable in cash on December 31 of each year. The effective rate of interest was 9 percent at the time the bonds were issued. The bonds sold for $196,992. Diamond used the effective interest rate method to amortize the bond discount Required a. Determine the amount of the discount on the day of issue. Determine the