Southwest Corporation issued bonds with the following details: Face value: $700,000 Interest: 10 percent per year payable each December 31 Terms: Bonds dated January 1, 2015, due five years from that date The annual accounting period ends December 31. The bonds were issued at 103 on January 1, 2015, when the market interest rate was 9 percent. Assume the company uses straight-line amortization and adjusts for any rounding errors when recording interest expense in the final year. Required: 1. Compute the cash received from the bond issuance in dollar. TIP: The issue price typically is quoted at a percentage of face value. Bond Price 2. & 3. Prepare the journal entry to record the issuance of the bonds and the payment of interest on December 31, 2015 and 2016. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) tra transaction list view Date 1Record the issuance of bonds with a face January 01 value of $700,000 at 103 2015 Record the interest payment on December 31, 2015. December 3 E. Record the interest payment on December 31, 2016. 2015 December 3 2016 journal entry has been entered