TB MC Qu. 10-130 (Algo) On January 1, a company issues... On January 1, a company issues bonds dated January 1 with a par value of $270,000. The bonds mature in 5 yeats. The contract rate is 118 , and interest is paid semiannually on June 30 and December 31 . The market rate is 10% and the bonds are sold for $280,420. The jodrnal entry to record the first interest payment using straight-line amortization is: (Rounded to the nearest dollar.)