Claire Corporation is planning to issue bonds with a face value of $260,000 and a coupon rate of 12 percent. The bonds mature in two years and pay interest quarterly every March 31, June 30, September 30, and December 31. All of the bonds were sold on January 1 of this year. Claire uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 16 percent. (FV of $1, PV of $1, FVA of $1, and PVA of $1) Record the interest payment on March 31.

Record the interest payment on June 30. Record the interest payment on September 30. Record the interest payment on December 31.

Please show details and explanation for each