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On January 1, when the market interest rate was 10 percent, Seton Corporation completed a $170,000, 9 percent bond issue for $159,547. 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.

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.)

Journal entry worksheet Record the issuance of bonds for $159,547 with a face value of $170,000. Note: Enter debits before credits. Journal entry worksheet Record the interest payment on December 31 . Note: Enter debits before credits