Required information [The following information applies to the questions displayed below.] Serotta Corporation is planning to issue bonds with a face value of $490,000 and a coupon rate of 8 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. Serotta uses the effective-interest amortization method and also uses a premium account. Assume an annual market rate of interest of 4 percent. (FV of \$1, PV of \$1. FVA of \$1, and PVA of \$1) Note: Use appropriate factor(s) from the tables provided. 1. Provide the journal entry to record the issuance of the bonds January 1. 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