Skysong, Inc. issues $3.40 million, 5-year, 13% bonds at 101, with interest payable on January 1. The straight-line method is used to amortize bond premium. (a) Your answer is correct. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit (b) Jan. 1 Cash Bonds Payable Premium on Bonds Payable eTextbook and Media List of Accounts -Your answer is partially correct. 3434000 3400000 34000 Attempts: unlimited Prepare the journal entry to record interest expense and bond premium amortization on December 31, 2022, assuming no previous accrual of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. Interest Expense 31 Premium on Bonds Payable Interest Payable Debit Credit 374000 374000 374000