Westview Co. Issued $220,000 face value bonds with a three-year maturity on January 1, 2009. Interest is paid annually at a rate of 6 percent on the bonds on December 31st. The annual market rate of interest on the date of issuance was 8 percent, while the sales price of the bonds was $208,661. The effective interest amortization schedule that follows is for the bonds. Payment Book Value Interest Interest Amortization BookValue Date Beginning payment Expense Ending 12/31/09 208,661 13,200 16,693 3,493 212,154 12/31/10 212,154 13,200 16,972 3,772 215,926 12/31/11 215,926 13,200 17,274 4,074 220,000 Required: Prepare Journal entries for the following. 1. the issuance of the bonds on January 1, 2009. 2. The first annual interest payment on December 31, 2009.

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