Check my work 12 On January 1, Year 1, Young Company issued bonds with a face value of $300,000, a stated rate of interest of 7 percent, and a 10-year term to maturity. Interest is payable in cash on December 31 of each year. The effective rate of interest was 6 percent at the time the bonds were issued. The bonds sold for $322,080. Young used the effective interest rate method to amortize the bond premium. 1.25 points Required a. Determine the amount of the premium on the day of issue. b. Determine the amount of interest expense recognized on December 31, Year 1. c. Determine the carrying value of the bond liability on December 31, Year 1. d. Provide the general journal entry necessary to record the December 31, Year 1, interest expense. 04:49:25 Skipped Complete this question by entering your answers in the tabs below. eBook Print Reg A to C Req D References a. Determine the amount of the premium on the day of issue. b. Determine the amount of interest expense recognized on December 31, Year 1. (Round your answer to the nearest dollar amount.) c. Determine the carrying value of the bond liability on December 31, Year 1. (Do not round your intermediate calculations. complete this question by entering your answers in the tads derow 12 Req A to C Req D 1.25 points 8 a. Determine the amount of the premium on the day of issue. b. Determine the amount of interest expense recognized on December 31, amount.) c. Determine the carrying value of the bond liability on December 31, Year 1 Round your answer to the nearest dollar amount.) 04:49:15 Skipped eBook a. Premium on the day of issue b. Interest expense on December 31, Year 1 c. Carrying value on December 31, Year 1 Print References Real 12 Req A to C COM Reg D Provide the general journal entry necessary to record the December 31, Year 1, interest expense. (If transaction/event, select "No journal entry required" in the first account field. Round your answers to 1.25 points View transaction list 8 04:49:03 Journal entry worksheet Skipped