Sunland Company issues $530,000 of 5-year, 5% bonds on January 1, 2021. Interest is paid annually. Click here to view the factor table. Present Value of 1 Click here to view the factor table. Present Value of an Annuity of 1 (a) Your Answer Correct Answer (Used) Your answer is partially correct. Assuming the market interest rate was 7% on the date of issue, record the issue of the bonds. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to O decimal places, eg. 5,276.) Date Account Titles and Explanation Debit Credit Jan. 1, 2021 Cash 524700 Bonds Payable 530000 Prepare an effective interest amortization table for the bonds. (Round answers to decimal places, eg. 5,276.) SUNLAND COMPANY Bond Discount Amortization Table Effective-Interest MethodAnnual Interest Payments 5% Bonds Issued at market rate of 7% Interest Expense Discount Amortization Date Interest Payment Bond Amortized Jan. 1, 2021 $ Jan. 1. 2022 Jan. 1. 2023 Jan. 1. 2024 Jan. 1. 2025 Jan. 1, 2026