Sciamanna Corporation issued $$300,000$ of $16\%,10-$year bonds payable on January $1,2022.$ The market interest rate at the date of issuance was $14\%,$ and the bonds pay interest semiannually $($on June $30$ and December $31).$ Sciamanna Corporation's year$-$end is June $30.$

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$3.$ Record Sciamanna Corporation's issuance of the bonds on January $1,2022,$ and payment of the first semiannual interest amount and amortization of the bond premium on June $30,2022.$ Explanations are not required. $($Record debits first, then credits. Exclude explanations from any journal entries.$)$

Start by recording the issuance of bonds on January $1,2022.$

Journal Entry

Date Accounts

Jan