Effective interest method - Bonds issued at discount

Cornerstone Exercise 9-32 (Algorithmic) Bonds Issued at a Discount (Effective Interest) Sicily Corporation issued $600,000 in 6% bonds payable on December 31 2029 on January 1 2020 for $534,000 interest is paid on une 30 an December 3. The man etrate of interests 9 Prepare the journal entries for December 31, 2020 and 2021. Round amounts to the nearest whole dollar. Dec. 31, 2020 Interest Expense 24,030 x Discount on Bonds Payable 6,030 x Cash 18,000V Dec. 31, 2021 Interest Expense 24,301 X Discount on Bonds Payable 6,301X Cash 18,000