5 Required information Problem 7-33 (Algo) Bonds payable-calculate issue price and amortize discount LO 7-8 [The following information applies to the questions displayed below) On January 1, 2022, Drennen, Incorporated, issued $5.1 million face amount of 11-year, 10% stated rate bonds when market interest rates were 8%. The bonds pay semiannual interest each June 30 and December 31 and mature on December 31, 2029. Table 6-4, Table 6-5 Note: Use appropriate factor from the table provided. Problem 7-33 (Algo) Part a Required: a. Calculate the proceeds (issue price) of Drennen Incorporated's bonds on January 1, 2022, assuming that the bonds were sold to provide a market rate of return to the investor. Note: Enter your answers in whole dollars, not in millions. Proceeds Required information Exercise 7-9 (Algo) Other accrued liabilities-payroll taxes LO 7-4 [The following information applies to the questions displayed below] At September 30, 2022, the end of the first year of operations at Lukancic incorporated, the firm's accountant neglected to accrue payroll taxes of $7,033 that were applicable to payrolls for the year then ended Exercise 7-9 (Algo) Part a- Horizontal Model Required: a-1. Use the horizontal model to show the effect of the accrual that should have been made as of September 30, 2022. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Assas Balance Sheet Liabili Stockholders Equity Net Incone Expetnes Exercise 7-9 (Algo) Other accrued liabilities-payroll taxes LO 7-4 [The following information applies to the questions displayed below) At September 30, 2022, the end of the first year of operations at Lukancic Incorporated, the firm's accountant neglected to accrue payroll taxes of $7,033 that were applicable to payrolls for the year then ended Exercise 7-9 (Algo) Part a - Journal Entry a-2. Record the journal entry to show the effect of the accrual that should have been made as of September 30, 2022. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < Record the accrual of payroll taxes for the year. Note: Entar debits before credits Date September 30, 2022 General Journal Debit Credit > Required information Exercise 7-9 (Algo) Other accrued liabilities-payroll taxes LO 7-4 [The following information applies to the questions displayed below.) At September 30, 2022, the end of the first year of operations at Lukancic Incorporated, the firm's accountant neglected to accrue payroll taxes of $7,033 that were applicable to payrolls for the year then ended. Exercise 7-9 (Algo) Part b b. Determine the income statement and balance sheet effects of not accruing payroll taxes at September 30, 2022. Effect on expense Effect on net income Effect on current liabilities Effect on retained earnings