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 View journal entry worksheet Date Debit No General Journal Credit January 01 Cash 112,298 Discount on Bonds Payable 7,702 Bonds Payable 120,000 December 31 Interest Expense Discount on Bonds Payable Cash