Nivan Company issued $359,000 of 7 percent, 10 -year, callable bonds on January 1, Year 1 , at their face value. The call premium was 3 ercent (bonds are callable at 103). 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 journol entry required" in the first account field.) Journal entry worksheet Record the bond issue on January 1, Year 1. Note: Inter debits before credits. Journal entry worksheet Record the bond redemption on December 31 , Year 5. Note: Enter debits before credits