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Drake Company issues $5.000,000,10%,10-year bonds to yield 12% on January 1 , 2020. Interest is paid on June 30 and December 31 . The proceeds

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Drake Company issues $5.000,000,10%,10-year bonds to yield 12% on January 1 , 2020. Interest is paid on June 30 and December 31 . The proceeds from the bonds are $4,420,000. Drake uses effective-interest amortization Record the journal entry for the issuance of the bond on January 1. 2020

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