On January 1, 2018, Tape Enterprises issued 9%, 10-year bonds with a face amount of $700,000 at 96. Interest is payable annually on January 1. The bonds were issued for an effective interest rate of 10% Prepare the entries to record the issuance of the bonds and the first annual interest accrual and amortization assuming that the company uses effective-interest amortization. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) 2017 Account Titles and Explanation Debit Credit