On January 1, 2022, Concord Corporation issued $1,770,000 face value, 7%, 10- year bonds at $1,651,231. This price resulted in an effective-interest rate of 8% on the bonds. Concord uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1.

Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2023.

Interest Expense (Debit): ???

Discount on Bonds Payable (Credit): ???

Interest Payable (Credit): 123,900