When bonds issue at face amount, the carrying value and the corresponding interest expense remainconstant over time. When bonds issue at a discount (below face amount), the carrying value and the corresponding interest expense increase over time. When bonds issue at a premium (above face amount), the carrying value and the corresponding Interest expense decrease over time. 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 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.) Journal entry worksheet Record the issuance of 7%,11-year bonds with a face value of $90,000 for $83,497. Journal entry worksheet Record the issuance of 7%,11-year bonds with a face value of $90,000 for