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E$10-14($Algo$)($Supplement $10$A$)$ Recording the Effects of a Discount Bond Issue and First Interest Payment and Preparing a Discount Amortization Schedule $($Straight$-$Line Amortization$)[$LO $10-$S$1]$

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On January $1,$ when the market interest rate was $8$ percent, Seton Corporation completed a $$220,000,7$ percent bond issue for $$205,240.$ The bonds pay interest each December $31$ and mature in $10$ years. Seton amortizes the bond discount using the straight$-$line method.

E$10-14($Algo$)$ Part $1$ and $2$

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$1.$ & $2.$ Prepare the required journal entries to record the bond issuance and the first interest payment on December $31.($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Round your answers to the nearest whole dollar.$)$

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