Accounting for long term liabilities 2

Required information [The following information applies to the questions displayed below.] Legacy issues $670,000 of 6.0%, four-year bonds dated January 1,2021 , that pay interest semiannually on June 30 and December 31. They are issued at $624,896 when the market rate is 8%. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. Journal entry worksheet Record the issue of bonds with a par value of $670,000 on January 1, 2021 at an issue price of $624,896. Note: Enter debits before credits