Balance Sheet Assets Liabilities + Stockholders' Equity Net Income Revenues Cash (345,000) = Discount on bonds payable 3,667 + ! Required information [The following information applies to the questions displayed below.] On January 1, 2019, Drennen Inc. issued $4.6 million face amount of 9-year, 10% stated rate bonds when market interest rates were 8%. The bonds pay semiannual interest each June 30 and December 31 and mature on December 31, 2027. Table 6-4, Table 6-5 (Use appropriate factor from the table provided.) b-1. Assume instead that the proceeds were $4,556,000. Use the horizontal model to record the payment of semiannual interest and the related discount amortization on June 30, 2019, assuming that the discount of $44,000 is amortized on a straight-line basis. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Balance Sheet Assets Liabilitie: = Discount on bonds payable Cash