Take me to the text On May 1, 2020 Crop Corporation issued $450,000 worth of 7% bonds due in 5 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 of interest was 8%, resulting in a price of $431,767 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 Debit Credit May 1 Cash 431767 Discount on Bonds Payable 18233 Issuance of bonds 365 x b) Prepare the journal entry on November 1, 2020, to record the first interest payment assuming the straight-line method for amortization of bond discount/premium is used. Date Account Title and Explanation Nov 1 Debit Credit