Sunland Inc. issues $ 880,000 of 5-year, 10% bonds on January 1, 2021. The bonds pay interest 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 Your answer is partially correct. Calculate the issue price of the bonds using a market rate of 9% (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to 0 decimal places, es. 1,575.) Issue price $ 914.206 Record the bond issue. (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.) Date Account Titles and Explanation Debit Credit Jan. 1, Cash 2021 914 206 Bonds Payable 914,206 (To record issuance of bonds.) SUNLAND COMPANY Bond Premium Amortization Table Effective-Interest Method-Annual Interest Payments 10% Bonds Issued at market rate of 9% Interest Expense Premium Amortization Date Interest Payment Jan. 1. 2021 $ $ $ $C Jan 1 2022 II I. UI Jan 1. 2023 [ Jan IIIII IITTO IIIII Prepare the journal entries to record the first three interest payments. Ignore any year-end accruals of interest. (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.) Date Account Titles and Explanation Debit Credit Jan. 1 2022 (To record interest payment.) 100 HID DOE Jan 1, 2023 (To record interest payment.) Jan 1 2024 DI (To record interest payment.) X Your answer is incorrect Assuming Sunland has an October 31 year end prepare the adjusting entry for interest on October 31, 2021. (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 Assuming Sunland has an October 31 year end, prepare the adjusting entry for interest on October 31, 2021. (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. Round answers to decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Oct. 31 2021 | HOD (To accrue interest expense.)