Teal Mountain Inc. issues $5.0 million, 10-year, 8% bonds at 101, with interest payable on January 1. The straight-line method is used to amortize bond premium.

(a)

Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 1	enter an account title for the journal entry on January 1enter an account title for the journal entry on January 1	enter a debit amountenter a debit amount	enter a credit amountenter a credit amount
	enter an account title for the journal entry on January 1enter an account title for the journal entry on January 1	enter a debit amountenter a debit amount	enter a credit amountenter a credit amount
	enter an account title for the journal entry on January 1enter an account title for the journal entry on January 1	enter a debit amountenter a debit amount	enter a credit amountenter a credit amount