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On January $1,$ when the market interest rate was $10$ percent, Seton Corporation completed a $$240,000,8$ percent bond issue for $$210,496.$ The bonds pay interest each December $31$ and mature in $10$ years. Seton amortizes the bond discount using the straight$-$line method.

Required:

& $2.$ 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.$)$

View transaction list

$\backslash$table$[[,$No$,$Date,General Journal,Debit,Credit$],[$i$,1,$January $01,$Cash,$210,496,],[,,$Discount on Bonds Payable,$29,504,],[,,$Bonds Payable,,$240,000]]$