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Cornerstone Exercise 9-32 (Algorithmic) Bonds Issued at a Discount (Effective Interest) Sicily Corporation issued $300,000 in 7% bonds (payable on December 31, 2029) on January

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Cornerstone Exercise 9-32 (Algorithmic) Bonds Issued at a Discount (Effective Interest) Sicily Corporation issued $300,000 in 7% bonds (payable on December 31, 2029) on January 1, 2020, for $279,000. Interest is paid on June 30 and December 31. The market rate of interest is 11%. Required: Prepare the journal entries for December 31, 2020 and 2021. Round amounts to the nearest whole dollar. Dec. 31, 2020 Dec. 31, 2021

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