On January 1, Year 1, Twain Corp. sold $500,000 of its own 7 percent, 10-year bonds. Interest is payable annually on December 31. The bonds were sold to yield an effective interest rate of 8 percent. Twain uses the effective interest rate method. The bonds sold for $477,422 Required a. Prepare the journal entry for the issuance of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the entry for the issuance of the bonds Note: Enter debits before credits General Journal Date Jan 01 Debit Credit b. Prepare the journal entry for the amortization of the bond discount and the payment of the interest at December 31, Year 1. (Assume effective interest amortization.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answers to the nearest dollar amount.) View transaction list Journal entry worksheet