Required information Skip to question [The following information applies to the questions displayed below.] On January 1, when the market interest rate was 8 percent, Seton Corporation completed a $220,000, 7 percent bond issue for $205,240. 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. rev: 04_29_2019_QC_CS-166541 Required: 1. & 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.)

X Answer is not complete. No Date General Journal Debit Credit 1 January 01 Cash Bonds Payable Premium on Bonds Payable 2 2 December 31 Interest Expense Premium on Bonds Payable 8 Cash