Pharoah Company issues $2.80 million, 10-year, 8% bonds at 98, with interest payable each January 1. (a) Your answer is partially correct. 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 O for the amounts.) Date Account Titles and Explanation Jan. 1 Cash Debit Credit 520000 Discount on Bonds Payable Bonds Payable