Knowledge Check 01 On January 1, Year 1, St. Clair Corporation issues 7%, 11-year bonds with a face amount of $90,000 for $83,497. The market interest rate is 8%. Interest is paid semiannually on June 30 and December 31. Complete the necessary journal entry for the issuance of the bonds by selecting the account names from the drop-down menus and entering the associated dollar amounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the first semi-annual interest payment for 7%, 11-year bonds with a face value of $90,000. Note: Enter debits before credits Date Debit Credit June 30 General Journal Interest Expense Discount on Bonds Payable Cash