On January 1, 2020, Morgan Enterprises issued 8%, 20-year bonds with a face amount of $5,000,000 at 101. Interest is payable annually on January 1. Prepare the entries to record the issuance of the...

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Extracted text: On January 1, 2020, Morgan Enterprises issued 8%, 20-year bonds with a face amount of $5,000,000 at 101. Interest is payable annually on January 1. Prepare the entries to record the issuance of the bonds and the first annual interest accrual and amortization assuming that the company uses straight-line amortization. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) 2020 Account Titles and Explanation Debit Credit Dec. 31