A company issues 7%, 10-year bonds with a face amount of $80,000 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is also 7%. Interest is paid semiannually on June 30 and December 31. Required: 1. & 2. Record the bond issue and first interest payment on June 30, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 Record the bond issue. Note: Enter debits before credits Date January 01, 2021 General Journal Debit Credit Record entry Clear entry View general Journal The balance sheet of Hidden Valley Farms reports total assets of $895,000 and $1,000,000 at the beginning and end of the year, respectively. The return on assets for the year is 15%. What is Hidden Valley's net income for the year? Multiple Choice $150,000. $6,316,667. $142,125 $6,666,667