Woode Corporation issued $400,000, 7%, 20-year bonds on January 1, 2022, for $360,727. This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January 1. Woode uses the straight-line method to amortize bond premium or discount. Prepare journal entries for issuance of bonds, payment of interest, and amortization of discount using straight-line method. Instructions Prepare the journal entries to record (round to the nearest dollar): a. The issuance of the bonds. b. The accrual of interest and the discount amortization on December 31, 2022. c. The payment of interest on January 1, 2023