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On January 1, when the market interest rate was 9 percent, Seton Corporation completed a $260,000, 7 percent bond issue for $226,626. The bonds pay interest each December 31 and mature in 10 years. Seton amortizes the bond discount using the straight-line method.
Required:
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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The answer and procedures of the exercise are attached in the following archives.

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You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

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