Questiоns 14-16 use the sаme set оf infоrmаtion On Jаnuary 1, Year 1 Cantlay Company issued $50,000 of 20-year, 7% bonds. The bonds were issued at face value. Interest is payable in cash on December 31 of each year, with the first payment due December 31, Year 1. Which of the following shows the journal entry required to recognize the bond issue on January 1, Year 1?