On January $1,$ when the market interest rate was $10$ percent, Seton Corporation completed a $$240,000,8$ percent bond issue for $$210,496.$ The bonds pay interest each December $31$ and mature in $10$ years. Seton amortizes the bond discount using the straight$-$line method.

Required:

$1.$ & $2.$ Prepare the required journal entries to record the bond issuance and the first interest payment on December $31.$ Prepare a bond discount amortization schedule for these bonds.