I JUST LEIVOW I U II Vol payment Ull Jun JU, DULUI ECTIVE > Brief Exercise 9-49 Debt Issued at a Discount (Straight Line) On January 1, 2020, Mayor Company issued 40,000 5-year bonds with a $1,000 par value each. The market values the bonds at $30,000 less than the face value of the bonds. The stated rate of interest is 6%, and interest is paid annually on December 31. Chapter Long-Term Liabilities Required: Prepare the necessary journal entry followed. mal entry on December 31, 2020, assuming the straight-line method is OBJECTIVE 3