The following information applies to the questions displayed below.) Serotta Corporation is planning to issue bonds with a face value of $490,000 and a coupon rate of 8 percent. The bonds mature in two years and pay interest quarterly every March 31, June 30, September 30, and December 31. All of the bonds were sold on January 1 of this year. Serotta uses the effective-interest amortization method and also uses a premium account. Assume an annual market rate of interest of 4 percent. (FV of $1. PV of $1. FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) 1. Provide the journal entry to record the issuance of the bonds January 1. (If no entry is required for a transaction/event, selec journal entry required" in the first account field. Round your final answers to nearest whole dollar amount.) 11 View transaction list View journal entry worksheet No General Jounral Debit Credit Date January 01 1 Cash Bond premium Bonds payable