On January 1, when the market interest rate was 10 percent, Seton Corporation completed a $300,000, 9 percent bond issue for $281,554. The bonds pay interest each December 31 and mature in 10 years. Assume Seton Corporation uses the effective-interest method to amortize the bond discount. 3. Prepare a bond discount amortization schedule for these bonds. (Do not round intermediate calculations. Round your answers to the nearest dollar.) Changes During the Period Ending Bond Liability Balances Discount on Bonds Payable Period Interest Expense Discount Amortized Bonds Payable Cash Paid Carrying Value Ended Start Yr 1 End Yr 2 End Yr 3 End Yr 4 End Yr 5 End Yr 6 End Yr 7 End Yr 8 End Yr 9 End Yr 10 End On January 1, when the market interest rate was 10 percent, Seton Corporation completed a $300,000, 9 percent bond issue for $281,554. The bonds pay interest each December 31 and mature in 10 years. Assume Seton Corporation uses the effective-interest method to amortize the bond discount. Required 1. & 2. Prepare the required journal entries to record the bond issuance and the first interest payment on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole dollar.) View transaction list Journal entry worksheet 2 Record the issuance of bonds for $281,554 with a face value of $300,000. Note: Enter debits before credits. General Journal Date Debit Credit January 01 Cash Discount on Bonds Payable Bonds Payable Record entry Clear entry View general journal On January 1, when the market interest rate was 10 percent, Seton Corporation completed a $300,000, 9 percent bond issue for $281,554. The bonds pay interest each December 31 and mature in 10 years. Assume Seton Corporation uses the effective-interest method to amortize the bond discount. Required: 1. & 2. Prepare the required journal entries to record the bond issuance and the first interest payment on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest whole dollar.) View transaction list Journal entry worksheet Record the interest payment on December 31 Note: Enter debits before credits. Date General Journal Debit Credit December 31 nterest Expense Cash Discount on Bonds Payable Record entry Clear entry View general journal