Novak Corp. issued $505,500 of 5-year, 6% bonds at 97 on January 1, 2020. The bonds pay interest annually, 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) Account Titles and Explanation Debit Credit Discount on Bonds Payable Bonds Payable 505,500 eTextbook and Media Assistance Used List of Accounts X Your answer is incorrect. Compute the total cost of borrowing for these bonds. Total cost of borrowing 5 Your answer is correct. Prepare the journal entry to record the issuance of the bonds, assuming the bonds were issued at 102. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit Account Titles and Explanation Cash 515.610 Premium on Bonds Payable Bonds Payable 505,500 e Textbook and Media List of Accounts x Your answer is incorrect. Compute the total cost of borrowing for these bonds, assuming the bonds were issued at 102. Total cost of borrowing 5 Assistance Used