Amortize premium by interest method

Shunda Corporation wholesales parts to appliance manufacturers. On January $1,$ Shunda issued $$20,000,000$ of $5-$year, $10\%$ bonds at a market $($effective$)$ interest $8\%,$ receiving cash of $$21,622,179.$ Interest is payable semiannually. Shunda's fiscal year begins on January $1.$ The company uses the interest method.

a$.$ Journalize the entries to record the following:

Sale of the bonds. Round to the nearest dollar. If an amount box does not require an entry, leave it blank.

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Bonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account.