On January 1, 2024, Eastside Credit Union (ECU) issued 8%, 20-year bonds payable with face value of $1,100,000. These bonds pay interest on June 30 and December 31. The issue price of the bonds is 108. Journalize the following bond transactions: (Click the icon to view the bond transactions.) (Assume bonds payable are amortized using the straight-line amortization method. Record debits first, then credits. Select explanations on the last line of the journal entry. Round your answers to the nearest whole dollar.)