Sanchit Inc issues $5,000,000, 5-year, 12% bonds at 101, with interest payable annually on January 1. The straight-line method is used to amartire bond premium Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not inden Date Account Titles and Explanation Debit Credit Jan. 1 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the adjusting journal entry to record interest expense and bond premium amortization on December 31, 2020. (Credit account titles are automatically indented w entered. Do not indent manubiy.) Date Account Titles and Explanation Credit Dec. 3: Debit