Knowledge Check 1 On January 1, Year 1, St. Clair Corporation issues 7%, 11-year bonds with a face amount of $90,000 for $83,501. The market interest rate for bonds of similar risk and maturity 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 and dollar amounts from the drop-down menus. If more than one account title is debited or credited, enter the account titles in their alphabetical order Date Account Title Debit Credit Jan. 1 select select Y select select select V select V select select v select v Submit answer & continue