Cornerstone Exercise 9-32 (Algorithmic) Bonds Issued at a Discount (Effective Interest) Sicily Corporation issued $650,000 in 6% bonds (payable on December 31, 2029) on January 1, 2020, for $624,000. Interest is paid on June 30 and December 31. The market rate of interest is 9%. Required: Prepare the journal entries for December 31, 2020 and 2021. Round amounts to the nearest whole dollar. Dec. 31, 2020 Interest Expense 21,840 x Discount on Bonds Payable 2,340 X Cash 19,500 Dec. 31, 2021 Interest Expense 21,840 x Discount on Bonds Payable 2,340 Cash 19,500 Feedback Check My Work The amortization table provides the dollar amounts necessary to complete the journal entry