Clem Company issued $900,000, 10-year, 4 percent bonds on January 1, 2021. The bonds sold for $830,504. Interest is payable annually on December 31. Using effective-interest amortization, prepare journal entries to record (a) the bond issuance on January 1, 2021, and (b) the payment of interest on December 31, 2021. The market interest rate on the bonds is 5 percent. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. No 1 Date January 01, 2021 Cash General Journal Discount on Bonds Payable Bonds Payable 2 December 31, 202 Interest Expense Discount on Bonds Payable Cash 000 Debit Credit 840,000 60,000 900,000 42,000 6,000 36,000