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On December 31, 2019, when the market rate was 12%, Ricken Corp issued $2,000,000, 14%, 5-year...

On December 31, 2019, when the market rate was 12%, Ricken Corp issued $2,000,000, 14%, 5-year bonds. Interest is payable semiannually on June 30 and December 31. The bonds were issued for $2,147,214, and the corporation uses the effective interest method of amortizing bond premium or discount. Prepare the journal entries to record the issuance of the bonds and the first interest payment.

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