Take me to the text On May 1, 2020 Crop Corporation issued $417,000 worth of 8% bonds due in 6 years. Interest is paid semi-annually on November 1 and May 1 of each year, and Crop Corporation's year end is December 31. On the issuance date, the market rate o interest was 9%, resulting in a price of $398,003 for these bonds. Note: The premium/discount is amortized using the straight- line method Do not enter dollar signs or commas in the input boxes Round your answers to the nearest whole number. For transactions with more than one debit or credit, enter the accounts in alphabetical order a) Is this bond issued at a discount or at a premium?: Discount Prepare the journal entry on May 1, 2020, to issue the bonds. Date Account Title and Explanation Credit Debit 398003 May 1 Cash . Discount on Bonds Payable 18997 417000 Bonds Payable Issuonce of bonds b) Prepare the joumal entry on November 1, 2020, to record the first interest payment assuming the straight-line method for amortization of bond discount/premium is used. Dehit Credit Date D Account Title and Exnlanatian N Date Account Title and Explanation Debit Credit Dec 31 Interest Expense . Discount on Bonds Payable Interest Payable Accrual of interest on bonds d) Show the balance sheet presentation of long-term liabilities only as at December 31, 2020. Bonds Payable, 8%, Due May 1, 2026 $ 417000 Add premium or subtract discount Total Long-Term Liabilities Check MATR Date Account Title and Explanation Debit Credit Dec 31 Interest Expense . Discount on Bonds Payable Interest Payable Accrual of interest on bonds d) Show the balance sheet presentation of long-term liabilities only as at December 31, 2020. Bonds Payable, 8%, Due May 1, 2026 $ 417000 Add premium or subtract discount Total Long-Term Liabilities Check NAT