On January 1, 2025, Marigold Company sold 12% bonds having a maturity value of $500,000.00 for $579,853.60, which provides the bondholders with a 8% yield. The bonds are dated January 1, 2025, and mature January 1, 2030, with interest payable December 31 of each year. Marigold Company allocates interest and 'unamortized discount or premium on the effective-interest basis. Click here to view factor tables. (a) Your answer is correct. Prepare the journal entry at the date of the bond issuance. (Round answer to 2 decimal places, eg. 38,548.25. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date January 1. Account Titles and Explanation cash 2025 Bonds Payable Premium on Bonds Payable Debit Credit 579853.60 500000 79853.60