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 decimal places, eg. 5,276) Debit Credit Date Account Titles and Explanation Jan. 1, Cash 2021 524700 Bonds Payable 530000 (To record issuance of bonds.) 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 Payment Interest Expense Discount Amortization Date Bond Jan. 1. 2021 Jan. 1. 2022 26,500 34,058 7.558 Jan. 1. 2023 26,500 34,587 8,087 Jan. 1. 2024 26,500 35,153 8,653 Jan. 1. 2025 26,500 35,758 9.258 Jan. 1. 2026 26,500 36,407 9,907 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 Method Annual Interest Payments 5% Bonds Issued at market rate of 7% Interest Expense Discount Amortization erest Payment Bond Amortized Cost $ 486,538 26,500 34,058 7,558 494,096 26,500 34,587 8,087 502,182 26,500 35,153 8,653 510,835 26,500 35.758 9.258 520,093 26,500 36,407 9.907 530,000 Prepare the journal entries to record the first three interest payments. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record interest payment.) (To record interest payment.) (To record interest payment.)