Skysong Corporation issued $480,000, 7%, 20-year bonds on January 1, 2022, for $432,873. This price resulted in an effective- interest rate of 8% on the bonds. Interest is payable annually on January 1. Skysong uses the effective-interest method to amortize bond premium or discount. (a) Your answer is incorrect. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 1, 2022 Debit Credit