Pizza Pier issues 7%, 10 year bonds with a face amount of $80,000 for $74,564 on January 1, 2012. The market interest rate for bonds of similar risk and maturity is 8%. Interest is paid semi-annually on June 30 and December 31. Record the bond Issue 80,000*0.456= 36,511 2,800*13.59= 38,053 Record the first interest Payment on June 30,2012 80,000*7% * 6/12= 2,800