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 $817,860 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. (6) Prepare the general journal entry to record the first interest payment on December 31. Date General Journal Debit Credit