Current Attempt in Progress On January 1, 2017, Flounder Corporation issued $1,650,000 face value, 8%, 10-year bonds at $1,447,229. This price resulted in an effective interest rate of 10% on the bonds. Flounder uses the effective-interest method to amortize bond premium or discount The bonds pay annual interest January 1. Prepare the journal entry to record the issuance of the bonds on January 1, 2017. (Round answers to decimal places, es, 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan 1