On January 1, 2022, Flounder Company issued $1,500,000 face value, 7%, 10-year bonds at $1,610,394. This price resulted in a 6% effective interest rate on the bonds. Flounder uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on each January 1. (a) Prepare the journal entries to record the following transactions. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. 2. The issuance of the bonds on January 1, 2022. Accrual of interest and amortization of the premium on December 31, 2022. The payment of interest on January 1, 2023. Accrual of interest and amortization of the premium on December 31, 2023. 3. 4. Date Account Titles and Explanation Debit Credit Jan. 1, 2022 Cash Discount on Bonds Payable Bonds Payable Dec. 31, 2022 Interest Expense Discount on Bonds Payable Interest Payable Jan. 1, 2023 Interest Expense Cash Dec. 31, Interest Payable 2023 Discount on Bonds Payable Interest Payable e Textbook and Media List of Accounts Save for Later Last saved 1 hour ago. Attempts: 0 of 3 used Submit Answer Saved work will be auto-submitted on the due date