uary 1, Grissom, Inc. issued 10-year, 5% bonds payable with a par value of $500,000, and received ght-line method for amortization. Prepare the 3. On Jan $490,000 in cash proceeds. The market rate of interest at the date of issuance was 5.5% semiannually on July i and January ? . The issuer uses the strai issuer's journal entry to record the first semiannual interest payment on July expense should be the sum of cash interest paid plus the amount of the discount amortized for the six-month period. (3 points) . The bonds pay interest 1. Hint: Your debit to bond interest Date Account Name Debit