Please answer only requirement number 5. Aside from this correct journal entry in number 5 (Debit) Interest expense $24,881; (Credit) Discount on bonds payable $2,381, (Credit) Cash $22,500. What other journal entries are required. I wrote this journal entry but it was a wrong answer (Debit) Bonds Payable $500,000, (Credit) Cash $500,000. Please provide your reason for the additional journal entry for requirement 5. No need to answer 1 to 4. All my answers were correct.

National Orthopedics Co. issued 9% bonds, dated January 1, with a face amount of $500,000 on January 1, 2021. The bonds mature on December 31, 2024 (4 years). For bonds of similar risk and maturity the market yield was 10%. Interest is paid semiannually on June 30 and December 31. Required: 1. Determine the price of the bonds at January 1, 2021. 2. Prepare the journal entry to record their issuance by National on January 1, 2021. 3. Prepare an amortization schedule that determines interest at the effective rate each period. 4. Prepare the journal entry to record interest on June 30, 2021. 5. Prepare the appropriate journal entries at maturity on December 31, 2024