2.50 points Exercise 10-16A Straight-line amortization for bonds issued at a discount LO 10-4 On January 1, 2016, Price Co. issued $112,000 of five-year, 7 percent bonds at 94. Interest is payable annually on December 31. The discount is amortized using the straight-line method. Required Prepare the joumal entries to record the bond transactions for 2016 and 2017. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry for recognizing interest expense. Note: Enter debits before credits. Journal DebitCredit Dec 31, 2016 Interest expense 7.840 Discount on bonds payable Record entry Clear entry View general journal 4