Ivanhoe Co. is building a new hockey arena at a cost of $2, 690, 000. It received a down payment of $550, 000 from local businesses to support the project, and now needs to borrow $2, 140, 000 to complete the project. It therefore decides to issue $2, 140, 000 of 12%, 10-year bonds. These bonds were issued on January 1, 201 and pay interest annually on each January 1. The bonds yield 11%. Prepare the journal entry to record the issuance of the bonds on January 1, 2016. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58, 971. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)