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 joumal 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.) \begin{tabular}{|l|l|l|c|c|c|} \hline No & \multicolumn{1}{|c|}{ Date } & General Journal & Debit & Credit \\ \hline 1 & January 01 & Cash & & 121,278 & \\ \hline & & Discount on Bonds Payable & & 8,722 & \\ \hline & & Bonds Payable & & & 130,000 \\ \hline & & & & \\ \hline 2 & December 31 & Interest Expense & 0 & 9,702 & \\ \hline & & Discount on Bonds Payable & 0 & & 9,1000 \\ \hline & & Cash & 0 & & 6028 \\ \hline \end{tabular} 3. Prepare a bond discount amortization schedule for these bonds. (Do not round intermediote colculations. Roun the nearest dollar.)