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FINANCIAL ACCOUNTING HELP PLEASE! Pharoah Company sold $3, 150,000, 7%, 10-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and pay

FINANCIAL ACCOUNTING HELP PLEASE!
Pharoah Company sold $3, 150,000, 7%, 10-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 and discounts. Financial statements are prepared annually. Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 104 and (2) 98. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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