A company issues 7%, 11-year bonds with a face amount of $90,000 for $97171 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 6% Interest is paid semiannually on June 30 and December 31.
Required:
Record the bond issue and first interest payment on June 30, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.)