CREATE THE ENTRY

On January 1, 2022, Flounder Corporation issued $1,650,000 face value, 8%, 10- year bonds at $1,544,109. This price resulted in an effective-interest rate of 9% on the bonds. Flounder uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1. Your Answer Correct Answer (Used) 1 1 1 1 Your answer is partially correct. 1 1 1 1 Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Round answers to O decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1 Cash Loss on Bond Redemption Debit Credit