On Jamary 1, Applied Tech Corporation (ATC) tssaxed $560,000 in bonds that mature in fen years, The bonds have a stated interest rate of 12 percent. When the bonds were issued, the market interest rate was 12 percent. The bonds pay interest once per year on Decemtier 31 . Required: 1. Determine the price of which the boneds were issued and the arnount that AIC received at isstzance. 2. Prepare the journal entry to record the bond issuance. (If no entry is required for a transnction/evpat, select "No journal entry required" in the first account field.) 3. Prepare the journal entry to record the interest payment on December 31, absuming no interest was accrued earlier in the year (if no entry is required for o transection/event, solect "No journal entry required' in the first account fleld.) Journal entry worksheet Record the interest payinent on Decembor 31 . Raide; Ender idedues betwer ateats