Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
1. Schlitterbahn Waterslide Company issued 25,000, 10-year, 5 percent, $100 bonds on January 1 at face value. Interest is payable each December 31. Record the issuance of 25,000 bonds at face value for $100 each.
2. Schlitterbahn Waterslide Company issued 25,000, 10-year, 5 percent, $100 bonds on January 1 at face value. Interest is payable each December 31. Record the interest payment on December 31.