On January $1,2020,$ Delaney Corporation issued five$-$year, $4\%$ bonds payable with a face value of $$2,600,000.$ The bonds were issued at $92$ and pay interest on January $1$ and July $1.$ Delaney amortizes bond discounts using the straight$-$line method. On December $31,2022,$ Delaney retired the bonds early by purchasing them at a market price of $96.$ The company's fiscal year ends $0$ December $31.$

Read the requirements.

Requirement $1.$ Journalize the issuance of the bonds on January $1,2020.($Record debits first, then credits. Exclude explanations from any journal entries.$)$

Journal Entry

$\backslash$table$[[$Date$,$Accounts,Debit,$],[2020,,,],[$Jan $1,,,],[,,,],[,,,],[,,,]]$

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