Probem
Saverin inc issued a $62,500,000 bond on July 1 with a 9% rate, while market rates are 8%. Receiving cash of $66,747,178. Interest on the bonds is payable semiannually on Dec 31 and June 30. The fiscal year of the co is the calendar year. I was able to record the journal entries from the cash proceeds but now I need to journalize the first interest payment using the straight line method.