Fang Corporation sold $2,000,000, 7%, 5 year bonds on January 1, 2017The 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, (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 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "7" . assuming the bond sold at 102 then (2) the 97 selling price Valuc ()Jan 1 Account Value Valuc Dec 31 Account Value Value Account Value b) Jan 1 Account Account Value Value Account Value Dec 31 Account Value Account Account Value Value )Premium Current Liabilitics Interest Payable Value Long-term Liabilities Bonds payable, due 2022 Add: Premium on bonds payable Value 7Discount Current Liabilitics , interest payable Value Long-term Liabilities Bonds payable, due 2022 Less: Discount on bonds payable Value Value