Entries for issuing bonds and amortizing premium by straight$-$line method

Smiley Corporation wholesales repair products to equipment manufacturers. On April $1,20$Y$1,$ Smiley issued $$2,300,000$ of $5-$year, $8\%$ bonds at a market $($effective$)$ interest rate of $6\%,$ receiving cash of $$2,496,195.$ Interest is payable semiannually on April $1$ and October $1.$

a$.$ Journalize the entry to record the issuance of bonds on April $1,20$Y$1.$ If an amount box does not require an entry, leave it blank.

Bonds Payable

Cash

Discount on Bonds Payable

Interest Payable

Premium on Bonds Payable