Required information [The following information applies to the questions displayed below.) On January 1, when the market interest rate was 8 percent, Seton Corporation completed a $280,000, 7 percent bond issue for $261,214. 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.) Answer is not complete. General Journal No 1 Date January 01 Cash Premium on Bonds Payable Bonds Payable 2 December 31 Interest Expense Premium on Bonds Payable Cash 000 000 Debit Credit R