Answer is complete but not entirely correct. No Date Debit Credit 1 March 31 4.492 General Journal Interest expense Discount on bonds payable Cash 1.192 3,400 Required information P10-8 (Algo) (Chapter Supplement) Recording and Reporting a Bond Issued at a Discount (without Discount Account) LO10-4 The following information applies to the questions displayed below) Claire Corporation is planning to issue bonds with a face value of $170,000 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. Claire uses the effective-Interest amortization method and does not use a discount account. Assume an annual market rate of interest of 12 percent. (FV of $1. PV of $1. FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) 2 June 30 4,628 Interest expense Discount on bonds payable OOO OOO OOC 1.228 3,400 Cash 3 3 September 30 Interest expense 4,465 P10-8 Part 2 1.265 X Discount on bonds payable Cash 3,400 2. Provide the journal entry to record the interest payment on March 31, June 30, September 30, and December 31 of this year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to nearest whole dollar amount.) 4 December 31 4,703 Interest expense Discount on bonds payable Cash 1,303 @lo 3,400