Corporation issu 620,000,9%, 20-year bonds on January 1, 2022, for $567,216: This price resulted in an effective- interest rate of 10% on the bonds. Interest is payable annually on January 1. Pharoah uses the effective-interest method to amortize bond premium or discount. (a) Your Answer Correct Answer Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Round answers to O decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1 Cash Discount on Bonds Payable Bonds Payable Debit 567216 52784 Credit 620000