Question: A company issues 7%, 10-year bonds with a face amount of $80,000 on January 1,2021 . The market interest rate for bonds of similar risk

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A company issues 7\%, 10-year bonds with a face amount of $80,000 on January 1,2021 . The market interest rate for bonds of similar risk and maturity is also 7%. Interest is paid semiannually on June 30 and December 31. Required: 1. \& 2. Record the bond issue and first interest payment on June 30,2021 . (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet

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