Cornerstone Exercise 9-32 (Algorithmic) Bonds Issued at a Discount (Effective Interest) Sicily Corporation issued $600,000 in 6% bonds (payable on December 31, 2029) on January 1, 2020, for $534,000. 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 24,030 | X Discount on Bonds Payable 6,030X Cash 18,000 Dec. 31, 2021 Interest Expense 24,301 X Discount on Bonds Payable 6,301 X Cash 18,000