On January 1, 2022. Novak Corporation issued $1,700,000 face value, 6%, 10-year bonds at $1,580,599. This price resulted in an effective-interest rate of 7% on the bonds. Novak uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest January 1 (a) Your answer is partially correct Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Round answers to decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Jan. 1 Interest Payable 102000 Discount on Bonds Payable 3641.93 Interest Expense 110641.93