Required information (The following information applies to the questions displayed below.) On January 1, 2021, White Water issues $470,000 of 7% bonds, due in 10 years, with interest payable annually on December 31 each year. Assuming the market interest rate on the issue date is 8%, the bonds will issue at $438,461. 2. Record the bond issue on January 1, 2021, and the first two interest payments on December 31, 2021, and December 31, 2022. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) Answer is not complete. Credit No 1 Debit 470,000 Date General Journal January 01, 2021 Cash Discount on Bonds Payable Bonds Payable 470,000 x December 31, 202 Interest Expense 32,900 Cash Discount on Bonds Payable 000 000 000 32,900 X December 31, 202 Interest Expense 32,900 32,900 Cash Discount on Bonds Payable