bonds,interest,straight-line amortiza and balance sheet presenta and balance sheet presenta Fong Corporation sold $2,000,000, 7%, 5 year bonds on January 1, 2017. The bonds were dated January 1, 2017, and pay interest on January 1. The company uses straight-line amortization on bond premiums or discounts. Instructions (a) Prepare all necessary journal entries to record the issuance of the bonds and bond interest expense for 2017 assuming the bond sold at 102. (b) Prepare journal entries as in part (a) assuming the bonds sold at 97 (c) Show the balance sheet presentation for the bond issue at December 31, 2017, using (1) the 102 selling price, and then (2) the 97 selling price NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "7" . (a Jn Acount Value Account Account Value Value Dec 31 Account Account Value Value Account Value Jan Account Account Value Value Account Value Dec 31 Account Value Account Account Value Value (c) Premium Current Liabilities Interest Payable Value Long-term Liabilities Bonds payable, due 2022 Add: Premium on bonds payable Value Value Value Discount Current Liabilities Value Interest Payable Long-term Liabilities Bonds payable, due 2022 Less: Discount on bonds payable Value Value Value After you have completed P10-8A, consider the additional question. . Assume that bond sold at 101. Show the impact of this change on the journal entries and balance sheet presentation. 2. Assume that the bond sold at 98.5. Show the impact of this change on the journal entries and balance sheet presentation