Exercise 10-22 a-c (Video) Swifty Corporation issued $440,000, 10%, 20-year bonds on January 1, 2020, for $404,958. This price resulted in an effective interest rate of 11% on the bonds. Interest is payable annually on January 1. Swifty uses the effective interest method to amortize bond premium or discount. Prepare the journal entry to record the issuance of the bonds. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 Prepare the journal entry to record the accrual of interest and the discount amortization on December 31, 2020. (Round answers to o decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Prepare the journal entry to record the payment of interest on January 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2021