Novak Corp. sold $7,400,000, 15%, 15-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest each December 31. The bonds were sold at 99. (a) Your Answer Correct Answer (Used) Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 1, Cash 2022 Discount on Bonds Payable Bonds Payable Debit 7,326,000 74,000 Credit 7,400,000 (b) At December 31, 2022, $3,400 of the bond discount had been amortized. Show the long-term liability balance sheet presentation of the bond liability at December 31, 2022. (Enter account name only and do not provide descriptive information.) Novak Corp. Balance Sheet Current Liabilities Interest Expense eTextbook and Media List of Accounts December 31, 2022 $ 74000