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Sunland Company issues $4,000,000, 10-year, 14% bonds at 98, with interest payable annually on January 1. The straight-line method is used to amortize bond distount. (b) Your answer is partially correct, Prepare the adjusting journal entry to record interest expense and bond discount amortization on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation 420.000 Dec. 31 Interest Expense 20.000 Discount on Bonds Payable 400.000 Cash