On January 1, when the market interest rate was 8 percent, Seton Corporation completed a $280,000,7 percent bond issue for $261,214. 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. equired: \& 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.) Journal entry worksheet Record the issuance of bonds for $261,214 with a face value of $280,000. Note: Enter debits before credits: Journal entry worksheet Record the interest payment on December 31. Note: Enter debits before credits