Question 1 Nash Co. is building a new hockey $1,940,000 to complete the project. It therefore decides to issue $1,940,000 of 1 1%, 10-year bonds. These bonds were i each January 1 . The bonds yield 10%, arena at a cost of $2,430,000. It received a downpayment of $490,000 from local businesses to support the project, and now needs to borrow ssued on January 1, 2016, and pay interest annually on Prepare the journal entry to record the issuance of the bonds on January 1, 2016. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit January 1, 2016