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Problem 10-10A On January 1, 2012, Ross Corporation issued $1,685,000 face value, 696, 10-year bonds at $1,566,653. This price resulted in an effective-interest rate of 7% on the bonds. Ross uses the effective interest method to amortize bond premium or discount. The bonds pay annual interest January 1 bond premium $1,566,6 method to amortize 696, 10. 1,566,653. or discount. (a) Your answer is correct. to O decimal places, e.g. titles Prepare the journal entry to record the issuance of the bonds on January 1, 2012. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1Tcash 1566653 Discount on Bonds Payab 118347 Bonds Bonds Payable 1685000 Click if Click if you would like to Show Work for this question: would like to Show Open Show Work