On January 1, 2015, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable annually on December 31 each year. Required: Assuming the market interest rate on the issue date is 7%, the bonds will issue at $600,000. Record the bond issue on January 1, 2015, and the first two interest payments on December 31, 2015, and December 31, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Record the issuance of the bond.
Record the first interest payment.
Record the second interest payment.