Ivanhoe Company issues $6,000,000, 10-year, 8% bonds at 94, with interest payable annually on January 1. The straight-line method is used to amortize bond discount. (a) -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 Discount on Bonds Payable Bonds Payable 5,700,000 300000 6,000,000