Oriole Electric sold 3,950,000, 8%, 10-year bonds on January 1, 2020. The bonds were dated January 1 and pay interest annually on January 1. Oriole Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at 105. Prepare the journal entry to record the issuance of the bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 (A) Interest to Be Paid (10%* 3,00,000) (B) Interest Expense to Be Recorded (A) - (C) (C) Premium Amortization (120,000*10%) (D) Bond Carrying Value Prepare the journal entries for interest and the amortization of the premium in 2020 and 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit