Novak Company issued $480,000,9%, 10-year bonds on January 1, 2022, for $512,209. This price resulted in an effective interest rate of 8% on the bonds. Interest is payable annually on January 1. Novak uses the effective interest method to amortize bond premium or discount (a) Your answer is 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 Debit Date Credit Account Titles and Explanation 512.209 Jon 1. 2022 Cach Premium on Boris Pastile 32200 Bonds Payable 480.000 Prepare the journal entry to record the accrual of interest and the premium amortization on December 31, 2022. (Round answers to O decimal places, eg. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually) Credit Debit Account Titles and Explanation Date Dec. 31 2022 Interest Expense Premium on Bonds Payable 28000 Interest Payable e Textbook and Media List of Accounts Attempts: 1 of 5 used Submit Answer Savetor Liner Last saved 1 day ago Saved work will be auto-submitted on the due date. Auto