Kingbird corporation issued $460,000 8% 20 year bond on January 1,2022 for $418,008.this price resulted in an effective interest rate of 9% on the bonds. Interest is payable annually on January 1....

Kingbird corporation issued $460,000 8% 20 year bond on January  1,2022 for $418,008.this price resulted in an effective interest rate of 9% on the bonds. Interest  is payable annually  on January  1. Kingbird  uses the effective  interest  method to amortize bond premium  or discount. Prepare the journal  entry to record  the payment  of interest on January  1 2023