Knowledge Check 01 On January 1 Year 1. St. Clair Corporation issues 7%, 11-year bonds with a face amount of $90,000 for $83,497. The market interest rate is 8%. Interest is paid semiannually on June 30 and December 31. Complete the necessary journal entry for the issuance of the bonds by selecting the account names from the drop-down menus and entering the associated dollar amounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction lit Journal entry worksheet Record the first semi-annual interest payment for 7%, 11-year bonds with a face value of $90,000 Note Enter debits before credits General Journal Date June 30 Credit Cash Bonds Payable Debit 90.000 90,000 Record entry Clear entry View general Journal