Explanation/work please

Pharoah Company issued $ 550,000, 10-year, 4% bonds at 103. (a) Your Answer Correct Answer Your answer is correct Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 566300 Premium on Bonds Payable 16500 Bonde Pat 550000