On 1/1/20X1, Illini issues 10% bonds dated 1/1/20X1, with a face amount of $60,000. The bonds mature on 12/31/20X4 (4 years). For bonds of similar risk and maturity, the market yield is 8%. Interest is paid semiannually on June 30 and December 31. Illini incurs a total of $2,000 debt issuance costs. After its third interest payment on 6/30/20X2, Illini buys back the bonds on the market for $61,000. Please refer to the instructions and the table in this question. Enter the correct journal entry for part [A]. Project 2.1 Part 1 Journal Entries Date Account Name (Debit) Account Name (Credit) Debit Credit 1/1/20X1 Cash [A] Bonds payable [B] Premium on bonds [C] Cash [D] 6/30/20X1 Interest expense [E] Premium on bonds [F] Cash [G] 12/31/20X1 Interest expense [H] Premium on bonds [I] Cash [J] 6/30/20X2 Interest expense [K] Premium on bonds [L] Cash [M] 6/30/20X2 Bonds payable [N] Premium on bonds [O] Cash [P] Gain [Q]