Macro Mobile, Inc. issued $500,000, 10%, 5-year bonds on January 1, 2021, at $540,000. Interest is payable annually on January 1. Macro Mobile, Inc. uses the effective-interest method of amortization, has a calendar year end, and the bonds were issued for an effective interest rate of 8%. Record the journal entry on January 1st, 2021 for the issuance of the bonds. Answer should be expressed as: DR (ACCOUNT NAME) $X.XXX CR (ACCOUNT NAME) $X.XXX No dates or explanations are needed