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 Interest Expense 15,893 X Discount on Bonds Payable 5,111 Cash 10,500 Dec. 31, 2021 Interest Expense 16,150 X Discount on Bonds Payable 5,650 X Cash 10,500 Feedback Check My Work The amortization table provides the dollar amounts necessary to complete the journal entry