Harvard Inc issues $4.0 million, 5-year, 8% bonds at 102, with interest payable on January 1. The straight-line method is used to amortize bond premium Your answer is partially correct. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Jan 1 Cash 3800000 Discount on Bonds Payable 200000 Bonds Payable 4000000 Prepare the journal entry to record interest expense and bond premium amortization on December 31, 2022. assuming no previous accrual o interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Credit Account Titles and Explanation Interest Expense Debit 420000 Dec 31 20000 Discount on Bonda Payable Interest Pays