Sheridan Electric sold $5,520.000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and paid interest annually on January 1. The bonds were sold at 98. (a) Your answer is correct Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation 5409600 Jan. 1. 2022 Cast 110400 Discount on Bonds Payable 5520000 Bonds Payable On January 1, 2024, when the carrying value of the bonds was $5,431,680, the company redeemed the bonds at 102. Record the redemption of the bonds assuming that interest for the period has already been paid. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1. 2024