Note: USE DROPDOWNS FOR THE ACCOUNT TITLES. CREDIT DEBIT 376,000 24,000 1 Date Transaction 1/1/17 Jackson Company issued $400,000 of bonds at a price of 94.00% of face value. The bonds have a maturity of 3 years and an interest rate of 5.00% with annual interest payments. 0 0 1 400,000 1 12/31/17 Make the first interest entry. Debit Interest Expense, credit Discount on Bonds Payable, credit Cash. 12/31/18 Make the second interest entry. 12/31/19 Make the third interest entry. 12/31/19 Make the entry to pay off the face amount of the bonds at the end of year 3