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[The following information applies to the questions displayed below.] On January 1, 2024, Splash City issues $420,000 of 7% bonds, due in 10 years, with

image text in transcribed [The following information applies to the questions displayed below.] On January 1, 2024, Splash City issues $420,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 8%, the bonds will issue at $391,462. k 2. Record the bond issue on January 1, 2024, and the first two semiannual interest payments on June 30, 2024, and December t 31, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your intermediate and final answers to the nearest whole dollar.) nt

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