Relaxation, Inc. is authorized to issue 7%, 10-year bonds payable. On January 1, 2024, when the market interest rate is 12%, the company issues $300,000 of the bonds. The bonds pay interest semiannually.

Requirements
1. How much cash did the company receive upon issuance of the bonds payable?
2. Prepare an amortization table for the bond using the effective-interest method, through the first two interest payments.
3. Journalize the issuance of the bonds on January 1, 2024, and the first and second payments of the semiannual interest amount and amortization of the bonds on June 30, 2024, and December 31, 2024. Explanations are not required.