The Eagles Corporation will finance an acquisition by selling a bond. On January $1,20$X$2,$ Eagles sold a ten$-$year, $$100,000$ bond with a $5\%$ coupon rate. At the time of the sale current interest rates were $6\%.$ The bond makes the annual payment on December $31$ of each year.

Record the journal entry to sell the bond

Record the journal entry to record the annual payment