E10-7 (Algo) Preparing Journal Entries to Record Issuance of Bonds and Payment of Interest (LO 10-3) On January 1, Applled Technologies Corporation (ATC) issued $550,000 in bonds that mature in 10 years. The bonds have a stated Interest rate of 12 percent. When the bonds were issued, the market interest rate was 12 percent. The bonds pay Interest once per year on December 31 Required: 1. Determine the price at which the bonds were issued and the amount that ATC received at issuance. 2. & 3. Prepare the required journal entries to record the bond Issuance and the first interest payment on December 31 assuming no Interest has been accrued earlier in the year. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Determine the price at which the bonds were issued and the amount that ATC received at issuance. Amount Received al Issuance RA Reg 2 and 3 > Reg 1 Reg 2 and 3 Prepare the required journal entries to record the bond issuance and the first interest payment on December 31 assuming no interest has been accrued earlier in the year. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 2 > Record the issuance of bonds of $550,000. Note: Enter debits before credits General Journal Debit Credit Dato January 01 Record entry Clear entry View general Journal