Prepare the necessary journal entries to record the following transactions relating to the long-term issuance of bonds of KC Champs Co.: (Show Calculations!) January 1, 2020 Issued $4,000,000 face value, 8% bonds for $4,360,800. Interest is payable semiannually on December I and June I with the bonds maturing 10 years from this past December 1. The bonds are callable at 102. June 1, 2023 The bond has a carrying value of $4,234,520 (Bond Payable is $4,000,000 and Premium on Bond Payable is $234,520) when KC Champs Calls the bonds at a price of 102. Date Account Title and Description Debit Credit Credit Jan 1 Account Title and Description Cash Bonds payable Debit 4,360,800 4,000,000 Premium on bonds payable 360,800