Exercise 15-16 a-c Blossom Company issued $600,000, 7%, 10-year bonds on December 31, 2019, for S 530,000. Interest is payable annually on December 31, Blossom Company uses the straight-line method to amortize bond premium or discount. Your answer is partially correct. Try again. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2019 Cash 530000 Interest Expense 70000 Bonds Payable 600000 Your answer is partially correct. Try again. Prepare the journal entry to record the payment of interest and the discount amortization on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Interest Payable 70000 Interest Expense 42000 Discount on Bonds Payable 28000 vour answer is correct. Prepare the account titles are automatically indented when amount is entered. Do not al entry to record the redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded. (Credit tmanually) Date Account Titles and Explanation Debit Credit Dec. 31, 2029 Bonds Payable 600000 Cash 600000 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW