Required information Problem 10-4A (Algo) Straight-Line: Amortization of bond discount LO P2 [The following information applies to the questions displayed below.] Legacy issues $650,000 of 5.0%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $584,361 when the market rate is 8%. Problem 10-4A (Algo) Part 1 Required: 1. Prepare the January 1 journal entry to record the bonds' issuance. Answer is complete and correct. No Date General Journal Debit Credit 1 January 01 Cash 584,361 Discount on bonds payable 65,639 Bonds payable 650,000