Vaughn Inc. a private company following ASPE issued $80,000,5-year bond on January 1,2021 paying 8% interest on a semi-annual basis every January 1 and July 1. Prepare the first-year journal entries for the bond issue and interest expense assuming the company uses the straight-line amortization method, a market interest rate of 9% and has a year-end of December 31,2021 . (