PLEASE HELP WITH PART B!

Exercise 15-16 (Part Level Submission) Gridley Company issued $690,000, 12%, 10-year bonds on December 31, 2016, for $620,000. Interest is payable annually on December 31. Gridley Company uses the straight-line method to amortize bond premium or discount. (a) | Your answer is correct Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Dec 31, 2016 Cash 620000 Date Discount on Bonds Payable 70000 Bonds Payable 690000 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Attempts: 1 of 3 used (b) your answer is partially correct. Try again. Prepare the journal entry to record the payment of interest and the discount amortization on December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Dec 31, 2017 interest Expense 44900 Discount on Bonds Payable 3500 Cash 41400 SHOW LIST OF ACCOUNTS LINK TO TEXT Attempts: 1 of 3 used