On January 1, Applied Tech Corporation (ATC) issued $660,000 in bonds that mature in ten years. The bonds have a stated interest rate of 10 percent. When the bonds were issued, the market interest rate was 10 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.

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.)

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.)