On January 1, when the market interest rate was 8 percent, Seton Corporation completed a $160,000, 7 percent bond issue for $149,265. 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.Complete 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.