P12-14. Issuing bonds at a discount (Medium - 10 minutes)Escape to Egypt Travel Inc. issues $4,000,000 of five-year, 4% bonds dated January 1, 2023, Interest is payable on January 1 and July 1 each year. The proceeds realized from the issue were the $3,900,000 sales price less the $40,000 fee charged by Escape's investment bank. Escape's year-end is December 31.Required:Prepare journal entries to record: The issuance of the bonds.Payment of interest and related amortization on July 1, 2023.Accrual of interest and related amortization on December 31, 202