12. Journal Entries (Interest payment 4 points and amortization) On the first day of the 2021, a company issues a $20,000,000,8%, 10-year bond that pays semi-annual interest, receiving cash of $18,840,171. Journalize the first interest payment and the amortization of the related bond discount using the straight-line method. Debit Interest Expense $1,600,000 and credit Cash $1,600,000 Debit Interest Expenses \$ 857,991.45; credit Discount on Bonds Payable \$ 57,991.45; Credit Cash 800,000 Debit Interest Expenses $2,759,829; credit Discount on Bonds Payable $1,159,829; Cash $1,600,000