On January$1,2023,$ Gardner Corporation issued

five$-$year,

$12\%$

bonds payable with a face value of

$$2,800,000.$

The bonds were issued at

$90$

and pay interest on January $1$ and July $1.$

Gardner

amortizes bond discounts using the$$ straight$-$line method. On December$31,$

$2025,$

GardnerGardner

retired the bonds early by purchasing them at a market price of

$91.$

The$$ company's fiscal year ends on December $31.$

Part $1$

Requirement $1.$ Journalize the issuance of the bonds on January$1,$

$2023.$

$($Record debits$$ first, then credits. Exclude explanations from any journal$$ entries.$)$

Date

Accounts

Debit

Credit

January $1,2023$

First row account label input

Cash

First row debit number input

$2464000$

First row credit number input

$$

$$

Second row account label input

Discount on Bonds Payable

Second row debit number input

$336000$

Second row credit number input

$$

$$

Third row account label input

Bonds Payable

Third row debit number input

$$

Third row credit number input

$$

Fourth row account label input

$$