Nivan Company issued $327,000 of 4 percent, 10 -year, callable bonds on January 1 , Year 1 , at their face value. The call premium was 2 percent (bonds are callable at 102). Interest was payable annually on December 31. The bonds were called on December 31 , Year 5. Required Prepare the journal entries to record the bond issue on January 1, Year 1, and the bond redemption on December 31 , Year 5 . Entries for accrual and payment of interest are not required. (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) Journal entry worksheet