Exercise 15-17 a-c (Part Level Submission) Blossom Corporation issued $350,000,7%, 20-year bonds on January 1, 2020, for $315,636. This price resulted in an effective interest rate of 8% on the bonds. Interest is payable annually on January 1. Blossom uses the effective interest method to amortize bond premium or discount 229 (a) 15.05 15-12 ab 168 Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Round answers to decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Tities and Explanation Debit Credit 315636 Tanca by Study Discount on Bonds Payable 343641 Bonds Payable 350000 ECES Your answer is correct. CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Prepare the journal entry to record the accrual of interest and the discount amortization on December 31, 2020. (Round answers to o decimal places, e.g. 15,250. Credit account tities are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Interest Expense 25251 2.b Discount on Bonds Payable 751 Interest Payable 24500 Study Attempts: 1 of 15 used Prepare the journal entry to record the payment of Interest on January 1, 2021. Round answers to decimal places, ... 15,250. Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 cell 10-1920s W& Sons