On January 1, Year 1, Twain Corp. sold $620,000 of its own 5 percent, 10-year bonds. Interest is payable annually on December 31. The bonds were sold to yield an effective interest rate of 6 percent. Twain uses the effective interest rate method. The bonds sold for $574,368. 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. Round your answers to the nearest dollar amount.) Credit No 11 Date Jan 01 Answer is complete and correct. General Journal Debit Cash 574,36& Discount on bonds payable 45,632 Bonds payable 620,000 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.) Credit No | 1 Date Dec 31 Answer is complete and correct. General Journal Debit Interest expense 34,462 Discount on bonds payable Cash 3,462 31,000V c. Prepare the journal entry for the amortization of the bond discount and the payment of interest on December 31, Year 1. (Assume straight-line amortization.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest dollar amount.) Answer is not complete. General Journal Debit No Date Credit d. Calculate the amount of interest expense for Year 2. (Assume effective interest amortization.) (Round your intermediate calculations and final answer to the nearest dollar amount.) Amount of interest expense for Year 2 e. Calculate the amount of interest expense for Year 2. (Assume straight-line amortization.) (Round your answer to the nearest dollar amount.) Amount of interest expense for Year 2