Show me the steps to solve Recording Bond Entries and Reporting Bonds$-$Effective Interest, Straight$-$Line

discounts or premiums, and that no reversing entries are made.

Required

a$.$ Prepare journal entries on the following dates.

January $1$ of Year $1-$Issuance of bonds.

July $1$ of Year $1-$ Interest payment.

December $31$ of Year $1-$Interest accrual.

January $1$ of Year $2-$Interest payment.

bond term.

Effective Interest Method

Straight$-$Line Interest Method

Note: Round your answers to the nearest whole dollar.