Oriole Compamy issues $4.90 million, 10-year, 11% bonds at 98, with interest payable annually on January 1 The straight-line method is used to amortize bond discount Your answer is correct Prepare the journal entry to record the sale of these bonds on January 1,2020. (Credit account titles are automatically Indented when amount is entered. Do not Indemt monually. Date Account Titles and Explanation Debit Credit Jan. 1 Cash 4802000 Discount on Bonds Payable 98000 Bonds Payable 4900000 eTextbook and Media List of Accounts Your answer is partially correct Prepare the adjusting journal entry to record interest expense and bond discount amortization on December 31,2020. (Credit account tlties are automatically Indented when amount is entered. Do not Indent manually.) Date Account Titles and Explanationn Debit Credit Dec 31 Interest Expense 539000 Discount on Bonds Payable