On January 1, Applied Tech Corporation (ATC) issued $540,000 in bonds that mature in ten years. The bonds have a stated interest rate of 8 percent When the bonds were issued, the market interest rate was 8 percent. The bonds pay interest once per year on December 31. Required: 1. Determine the price at which the bonds were issued and the amount that ATC received at issuance. Amount received at issuance 2. Prepare the journal entry to record the bond issuance. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the journal entry for issuance of bond. Note: Enter debits before credits Date General Journal Debit Credit December 31 3. Prepare the journal entry to record the interest payment on December 31, assuming no interest was accrued earlier in the year (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the interest payment on December 31. Note: Enter debits before credits General Journal Date December 31 Debit Credit Record entry Clear entry View general journal