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On January 1, 2021, Splash City issues $480,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Required: Assuming the market interest rate on the issue date is 7%, the bonds will issue at $480,000. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction list View journal entry worksheet General Journal Credit No 1 Date January 01, 2021 Cash Bonds Payable Debit 480,000 480,000 2 June 30, 2021 Interest Expense Cash 3 3 December 31, 2021 Interest Expense Cash