Claire Corporation is planning to issue bonds with a face value of $210,000 and a coupon rate of 8 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 does not use a discount account. Assume an annual market rate of interest of 12 percent

Required information P10-8 (Algo) (Chapter Supplement) Recording and Reporting a Bond Issued at a Discount (without Discount Account) LO10-4 [The following information applies to the questions displayed below.) Claire Corporation is planning to issue bonds with a face value of $210,000 and a coupon rate of 8 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 does not use a discount account. Assume an annual market rate of interest of 12 percent. (FV of $1 PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) P10-8 Part 1 Required: 1. Provide the journal entry to record the issuance of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to nearest whole dollar amount.) X Answer is not complete. No Date General Journal Debit Credit 1 January 01 Cash 205,800 4,200 X Discount on bonds payable Bonds payable 210,000 X