Frank Co. issues a $300,000 4-year bond on 12/31/21 that pays interest annually at 5%. The market determined that bond has a market rate of 5.5%. Prepare the journal entry for the bond issuance on 12/31/21 and on 12/31/22 when the first interest payment is made. Frank Co. only prepares adjusting entries on 12.31. Please show your work. Use exhibits 5 and 7 from chapter 11. Round each calculation to the nearest dollar.