please explain

tas sudac Discount (et verterest Sly Coorwin:31,600.000 i 11 bonds Decemo 31, 2023) January 1, 2030. 51.41.000 pallone December 31. The market rate of interest 16 Required there to see tried to becenter 21, 2020 and 2021. arcuts to the nearest whester Dec 31, 2020 Twerstepona Discount on Bonde Payable Cash 10 Dec 31, 2021 Interest Expense Discount on Bonde Payata Cash 11. 12 13 1 15. Progress 10/15 Home Och Previous ALLEN 3 6 w R . 1 O c S D F H J K L V V B ? N M command Command Option Cornerstone Exercise 9-32 (Algorithmic) Bonds Issued at a Discount (Effective Interest) Sicily Corporation issued $1,600,000 in 11% bonds (payable on December 31, 2029) on January 1, 2020, for $1,488,000. Interest is paid on June 30 and December 31. The market rate of interest is 15%. Required: Prepare the journal entries for December 31, 2020 and 2021. Round amounts to the nearest whole dollar. Dec. 31, 2020 Interest Expense 96,098 x Discount on Bonds Payable 8,098 X Cash 88,000 97,358 X Dec 31, 2021 Interest Expense Discount on Bonds Payable 9.358 x Cash 88,000 Feedback Check My Work bemor Chart inn