3 Part 1 of 2 Required information [The following information applies to the questions displayed below) On January 1, when the market interest rate was 8 percent, Seton Corporation completed a $190,000, 7 percent bond issue for $177,252 The bonds pay Interest each December 31 and mature in 10 years. Assume Seton Corporation uses the effective interest method to amortize the bond discount 2 points Required: 1.8 2. Prepare the required journal entries to record the bond issuance and the first interest payment on December 31. (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first occount field. Round your answers to the nearest whole dollar) Answer is not complete. No Date January 01 Debit Credit 1 General Journal Cash Discount on Bonds Payable Bonds Payable OOO 2 December 31 Interest Expense Cash Discount on Bonds Payable