Required information P10-7 (Algo) Recording and Reporting a Bond Issued at a Discount (with Discount Account) LO10-4 (The following information applies to the questions displayed below. Claire Corporation is planning to issue bonds with a face value of $220,000 and a coupon rate of 12 percent. The bonds mature in two years and pay interest quarterly every March 31, June 30, September 30, and December 31. All of the bonds were sold on January 1 of this year. Claire uses the effective-interest amortization method and also uses a discount account. Assume an annual market rate of interest of 16 percent. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) P10-7 Part 2 2. Provide the journal entry to record the interest payment on March 31, June 30, September 30, and December 31 of this year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to nearest whole dollar amount.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 March 31 Interest expense Premium on bonds payable Cash 6,600