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 $130,000, 7 percent bond issue for $121,278. The bonds pay interest each December 31 and mature in 10 years. Seton amortizes the bond discount using the straight-line method. 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 complete but not entirely correct. No 1 Date January 01 General Journal Debit Credit Cash Discount on Bonds Payable Bonds Payable 000 121,278 8,722 130,000 2 December 31 Interest Expense G 9,702 Discount on Bonds Payable 9,100 Cash 602