Pharoah Company issues $$2\mathrm{.}80$ million, $10-$year, $8\%$ bonds at $98,$ with interest payable each January $1.$

$($a$)$

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Prepare the journal entry to record the sale of these bonds on January $1,2022.($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Date Account Titles and Explanation

Debit

Credit

Jan. $1$

Discount on Bonds Payable

Bonds Payable