Required information Exercise 7-16 (Algo) Bonds payable-record issuance and discount amortization LO 7-8 [The following information applies to the questions displayed below.] Alexi Company issued $2.80 million face amount of 8%, 10-year bonds on June 1, 2022. The bonds pay interest on an annual basis on May 31 each year. Exercise 7-16 (Algo) Part b - Journal entry b-2. Independent of your answer to part a, assume that the proceeds were $2,437,000. Record the journal entry to show the effect of issuing the bonds. Note: Enter your answer in whole dollar, not in millions. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 Record the issuance of bond. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal