Required information [The following information applies to the questions displayed below] On January 1, when the market interest rate was 10 percent, Seton Corporation completed a $170,000, 9 percent bond issue for $159,547. 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.) View transaction list View journal entry worksheet No Date General Journal Debit Credit January 01 Cash 159,547 Discount on Bonds Payable 10,453 Bonds Payable 170,000 2 December 31 Interest Expense 15,954 Cash 15,000 Discount on Bonds Payable 955