Question 11 2.5 pts Hawk issued $200,000 of its ten-year, 10% bonds for $224,924 on October 1, 2019. The effective interest rate was 8% and interest is paid each October 1 and April 1. Assuming Hawk uses the effective interest method, the adjusting entry on December 31, 2019, would include (rounded to the nearest dollar): a credit to Premium on Bonds Payable for $502. a credit to interest Payable for $5,000, a credit to Interest Payable for $4,498. a debit to Interest Expense for $5,498. Previous Next