January 1, 2022: Excel Corporation issued 20 year, 8% bonds with a face value of $3,440,000. The bonds were sold to yield 7%. Interest is payable annually on January 1. 1. What is the issue price of the bonds? $ (Show calculation or financial calculator inputs.) 2. Record the bond issuance on 1/1/22. Accounts Debit Credit 3. Assume the company prepares financial statements annually on December 31. Prepare the appropriate adjusting entry for December 31, 2022 for interest and for amortization of the discount or premium if the company used straight-line amortization. 3 12/31/22 Accounts Debit Credit