Any Idea what I did wrong? I think "premium on bonds payable" should change to "discount on bond payable" but I don't know why the 450,000 and 31,589 are wrong.

Required information P10-12 (Algo) (Chapter Supplement) Recording and Reporting a Bond Issued at a Premium (without Premium Account) LO10-5 [The following information applies to the questions displayed below.] Serotta Corporation is planning to issue bonds with a face value of $450,000 and a coupon rate of 16 percent. The bonds mature in two years and pay interest quarterly every March 31, June 30, September 30, and December 31. All of the bonds were sold on January 1 of this year. Serotta uses the effective-interest amortization method and does not use a premium account. Assume an annual market rate of interest of 12 percent. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) P10-12 Part-1 1. Provide the journal entry to record the issuance of the bonds January 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to nearest whole dollar amount.) Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 January 01 481,589 Cash Bonds payable Premium on bonds payable 450,000 31,589 X