1. On January 1, 2016 Saturn, Inc. issued $300,000 of 9%, 5-year bonds. The bonds pay interest semiannually on June 30 and December 31. On the date of issue, the market rate was 10%. Use the Present Value Tables provided to compute the amount of cash Saturn will receive for the bonds. Round your computations to the nearest whole dollar. Prepare the general journal entry to record the issuance of the bonds. Date Description Debit Credit