Cornerstone Exercise 9-32 (Algorithmic) Bonds Issued at a Discount (Effective Interest) Sicily Corporation issued $1,600,000 in 11% bonds (payable on December 31, 2029) on January 1, 2020, for $1,488,000. Interest is paid on June 30 and December 31. The market rate of interest is 15%. Required: Prepare the journal entries for December 31, 2020 and 2021. Round amounts to the nearest whole dollar, 74633 ) Dec 31, 2020 Interest Expense Discount on Bonds Payable Cash 88.000 Dec 31, 2021 Interest Expense Discount on Bonds Payable Cash 88,000 X Feedback Check My Wor