On January 1, 2020, Sandhill Company sold 12% bonds having a maturity value of $650,000 for $699,280, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Sandhill Company allocates interest and unamortized discount or premium on the effective-interest basis. Prepare the journal entry at the date of the bond issuance. (Round answer to decimal places, e.g. 38,548. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account tities are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation January 1, 2020 Cash 699,280 Bonds Payable 650.000 Premium on Bonds Payable 49.280 eTextbook and Media List of Accounts Prepare a schedule of interest expense and bond amortization for 2020-2022. (Round answer to 0 decimal places, eg. 38,548.) Schedule of Interest Expense and Bond Premium Amortization Effective-Interest Method Interest Premium Expense Amortized Cash Paid Carrying Amount of Bonds Date 1/1/20 $ 12/31/20 78,000 12/31/21 78.000 12/31/22 78.000