Swifty Corporation sold $3,150,000,8%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Swifty Corporation uses the straight-line method to amortize bond premium or discount. - Your answer is partially correct. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 107. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan 1 Cash 3,402,000 Premium on Bonds Payable 252,000 Bonds Payable 3,150 000 Dec 31 Interest Expense Premium on Bonds Payable Interest Payable