Required information [The following information applies to the questions displayed below.) On January 1, when the market interest rate was 9 percent, Seton Corporation completed a $120,000, 8 percent bond issue for $112,298. 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.) View transaction list :X: A: > 1 Record the issuance of bonds for $112,298 with a face value of $120,000. 000. 2 Record the interest payment on December 31