Problem 9-4A Record bond issue and related interest (LO9-5)

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On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $520,000 of 7% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year.

Problem 9-4A Part 2

2. If the market interest rate is 8%, the bonds will issue at $475,041. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest dollar amount.)