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On January 1 , Year 1 , Price Company issued $ 3 3 1 , 0 0 0 of five - year, 6 percent bonds

On January 1, Year 1, Price Company issued $331,000 of five-year, 6 percent bonds at 94. Interest is payable annually on December 31. The discount is amortized using the straight-line method.
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Prepare the journal entries to record the bond transactions for Year 1 and Year 2.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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