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Required information [The following information applies to the questions displayed below] Legacy issues $660,000 of 5.5%, four-year bonds dated January 1,2021 , that pay interest

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Required information [The following information applies to the questions displayed below] Legacy issues $660,000 of 5.5%, four-year bonds dated January 1,2021 , that pay interest semiannually on June 30 and December 31 . They are issued at $648,412 when the market rate is 6%. Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. Journal entry worksheet Record the issue of bonds with a par value of $660,000 on January 1, 2021 at an issue price of $648,412. Note: Enter debits before credits

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