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Required information

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Claire Corporation is planning to issue bonds with a face value of $$180,000$ and a coupon rate of $12$ percent. The bonds mature in two years and pay interest quarterly every March $31,$ June $30,$ September $30,$ and December $31.$ All of the bonds were sold on January $1$ of this year. Claire uses the effective$-$interest amortization method and also uses a discount account. Assume an annual market rate of interest of $16$ percent.$($FV of $$1,$ PV of $$1,$ FVA of $$1,$ and PVA of $$1)$

Note: Use appropriate factor$($s$)$ from the tables provided.

Required:

Provide the journal entry to record the issuance of the bonds.

Note: 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.

Journal entry worksheet

$1$

Record the issuance of the bonds on January $1.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $01,$Interest expense,,$],[,$Cash,,$],[,$Bond discount,,$],[,,,],[,,,],[,,,]]$