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On January 1 of this year, Clearwater Corporation sold bonds with a face value of $767,000 and a coupon rate of 6 percent. The bonds mature in 10 years and pay interest annually every December 31. Clearwater uses the straight-line amortization method and also uses a discount account. Assume an annual market rate of interest of 7 percent. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided. Round your final answers to whole dollars.) Required: 1.&2. Prepare the journal entry to record the issuance of the bonds and the interest payment on December 31 of this year. 3. How will the bonds be reported on Clearwater's December 31 Balance Sheet? > Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Prepare the journal entry to record the issuance of the bonds and interest payment on December 31 of this year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date 1 January 01 Cash Bond discount Bonds payable 2 December 31 Interest expense Bond discount Cash General Journal < Req 1 and 2 Req 3 > Debit Credit 713,092 53,908 767,000 40,629 5,391 46,020 > Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 How will the bonds be reported on Clearwater's December 31 Balance Sheet? CLEARWATER CORPORATION Balance Sheet (Partial) At December 31 Long-term liabilities $ < Req 1 and 2 0 Req 3 >

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