Clem Company issued $800,000, 10-year, 5 percent bonds on January 1, 2021. The bonds sold for $741,000. Interest is payable annually on December 31. Using effective-interest amortization, prepare journal entries to record (a) the bond issuance on January 1, 2021, and (b) the payment of interest on December 31, 2021. The market interest rate on the bonds is 6 percent. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)