On January 1, 2016, ABC Company issued $100,000 of its ten-year, 6% bonds payable at $98,000. The bonds were dated January 1, 2016, and interest is paid each December 31. Prepare the journal entry for the sale of the bonds. Prepare the journal entry to record the first interest payment. Assume straight-line amortization and no adjusting journal entries were made during the year