On January 1, when the market Interest rate was 8 percent, Seton Corporatlon completed a $250,000, 7 percent bond Issue for $233,227 The bonds pay Interest each December 31 and mature ln 10 years. Assume Seton Corporation uses the effective In method to amortize the bond discount. terest Value: 1.33 points Required 1.&2. Complete 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 view general journal Journal Entry Worksheet 12 Record the issuance of bonds for $233,227 with a face value of $250,000. Date General Journal Debit Credit January 01 Enter debits before credits done clear entry record entry