On January 1 of this year, Clearwater Corporation sold bonds with a face value of $770,000 and a coupon rate of 6 percent.The bonds mature in 10 years and pay interest annually every December 31. Clearwater uses the straight-line amortization method and also uses a discount account. Assume an annual market rate of interest of 7 percent. (FV of $1,PV of $1,FVA of $1, andPVA of $1)(Use the appropriate factor(s) from the tables provided. Round your final answer to whole dollars.)

Required:

1.Prepare the journal entry to record the issuance of the bonds.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

January 1

Record the issuance of the bonds.