On January 1 , Innovative Solutions, Incorporated, issued $250,000 in bonds at face value. The bonds have a stated interest rate of 5 percent. The bonds mature in 10 years and pay interest once per year on December 31. Required: 1, 2 \& 3. Prepare the required journal entries to record the bond issuance, interest payment on December 31 , early retirement of the bonds. Assume the bonds were retired Immediately after the first interest payment at a quoted price of 103 . (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the issuance of bonds of $250,000 at face value. Note: Enter debits before credits