Debt Issued at a Discount (Straight Line) On January 1, 2024, Drew Company issued 5-year bonds with a face value of $35,000,000 for $32,000,000. The stated rate of interest was 7% and interest is paid annually on December 31. Required: Prepare the necessary journal entry on December 31 at the end of the first year, assuming the straight-line method is followed. If an amount box does not require an entry, leave it blank. 2024 Dec. 31 Interest Expense Discount on Bonds Payable Cash