On January 1, 2022. Sarasota Corporation issued $1,740,000 face value, 8%, 10-year bonds at $1,628,333. This price resulted in an effective-interest rate of 9% on the bonds. Sarasota uses the effective interest method to amortize bond premium or discount. The bonds pay annual interest January 1. (a) Your answer is correct. Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Round answers to O decimal places, eg. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 1628333 Discount on Bonds Payable 111667 Bonds Payable 1740000 Attemnts: 1 of 3 used SARASOTA CORP Bond Discount Amortization Effective Interest Method-Annual Interest Payments Annual Interest Periods Interest to Be Paid Interest Expense to Be Recorded Discount Amortization Unamort Discou Issue date $ $ $ 1 2 3