On Jan 1^st2020, Tinning Co. sold 100,000 tins. Each tin cost Tinning Co. $0.10 to produce. Tinning Co. received a 3 year bond with the face amount of $10,000 with a stated rate of 5% compounded annually. The market rate for similar bonds is 8%. Tinning Co. prepares financial statements once every year.

Provide the transactional journal entries associated with this transaction on Jan 1^st2020.

Provide the transactional journal entries dated December 31^st2020 when the first interest payment is received.