On January $1,$ InnoSolutions, Inc. issued $$240,000$ in bonds at face value. The bonds have a stated interest rate of $5$ percent. The bonds mature in ten years and pay interest once per year on December $31.$

Required:

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.$)$

Journal entry worksheet

$1$

Record the entry for issuance of bond.

Note: Enter debits before credits.