On January 1, when the market interest rate was 8 percent, Seton Corporation completed a $130,000, 7 percent bond issue for $121,278. 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.

Part B:

Journal entry worksheet Record the issuance of bonds for $121,278 with a face value of $130,000. Note: Enter debits before credits. Date General Journal Debit Credit January 01 Record entry Clear entry View general journal Journal entry worksheet