Blue Corporation issued $738,000, 9%, 10-year bonds on January 1, 2022, for $692,020. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1 and January 1. Blue uses the effective-interest method to amortize bond premium or discount.

Prepare the journal entry to record the payment of interest and the discount amortization on July 1, 2022, assuming that interest was not accrued on June 30. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Interest Expense Discount on Bonds Payable Cash eTextbook and Media List of Accounts Save for Later Attempts: 1 of 4 used Submit Answer Tina multinlaattomante illimona