Cullumber Company issues $3,000,000, 10-year, 7% bonds at 98, with interest payable each January 1. (a) Your answer is correct. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash Discount on Bonds Payable Bonds Payable 2940000 60000 3000000 Assuming instead that the above bonds sold for 105, prepare the journal entry to record the sale of these bonds on January 1. 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 1 Debit Credit