Ivanhoe Ltd. issued 740,000, 11%, 10-year bonds on December 31, 2019, for 670,000. Interest is payable annually on December 31. Ivanhoe Company uses the straight-line method to amortize bond premium or discount. Your answer is partially correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec 31, 2019 Cash 740000 Bonds Payable 740000 List of Accounts - Your answer is partially correct. Prepare the journal entry to record the payment of interest and the discount amortization on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec 31, 2020 Interest Expense 81400 Discount on Bonds Payable 7000 Cash 74400 List of Accounts