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Problem II. Bonds Payable J/E's (5 pts. per J/E, total 25 points) July 1, 1998 Issued a $5,000,000 bond @ 98.0, a 10-year bond, paying 5% interest; the market interest rate today is 7%. Interest is be paid twice per year on June 30 & Dec. 31 every year. Dec. 31, 1998 Prepare the necessary journal entry related to the bond interest. Dec. 31, 1998 Prepare the Amortization J/E using straight line amortization method. Jan. 1, 1999 Retire the bond @ 101.0. Assume below instead of the above Jan. 1, 1999 journal entry: Jan. 1, 1999 Retire the bond @96.0