In Class Example $1-$ Chapter $9$

LSA Burger issued a $$100,000$ bond with a $10$ year term. The stated interest rate on the bond was $10\%.$ At the date of issuance, the market rates for bonds similar to the one issued by Beth Marie's were $12\%.$ The bonds were priced at $85\mathrm{.}0.$ What is the journal entry for issuance of the bond? What is the interest expense for the first year of the bond?