3) (20 Points) On January 1, a company issued 10%, 10-year bonds with a par value of $720,000. The bonds pay interest each December 31. The bonds were sold for $8]?,860 cash, based on an annual market rate of 8%. (a) Prepare the general journal entry to record the issuance of the bonds on January 1. (b) Prepare the general journal entry to record the rst interest payment on December 3 1. Date General Journal Debit Credit