can someone break this down and explain please? thought it was face value x 101, not getting correct answer.

Ivanhoe Company issues $3,000,000, 10-year, 7% bonds at 94, with interest payable each January 1. (a) Your answer is correct. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically Indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Jan 1 Cash 2820000 Discount on Boods Payable 180,000 Bonds Payable 3,000,000 Assuming instead that the above bonds sold for 101, prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically Indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Jan. 1 Cash Premium on Bonds Payable Bonds Payable 3,000,000 Torthanland