Phoenix Pharma, a pharmaceutical company operating in the global market. On July 1, 2023, Phoenix Pharma issued $10 million in bonds with a maturity period of 6 years. The interest on these bonds is paid semi-annually on June 30 and December 31. Phoenix Pharma applies the effective interest rate method for amortization. These bonds have a stated or coupon rate of 6% and an effective interest/market rate of 4% and were sold at a price of $11,057,535. On December 31, 2023, Phoenix Pharma would record a debit/credit to interest expense of.