Morgan Plc issued $1,000,000 of the bonds at 8%, 5-year bonds at $924,200. The bonds are issued on 1 July 2019, and Morgan Plc pays interest each 1 July. The market interest rate is 10%.

Required

1. Prepare the discount amortization schedule for Morgan Plc.
2. Journalise the issuance of the bonds on 1 July 2019.
3. Journalise the interest expense, the amortization of the discount on 30 June 2020