I need help with the following

Impact of a Discount Vasily Inc. sold 20-year bonds on January 1, 2017. The face value of the bonds was $100,000, and they carry a 9% stated rate of interest, which is paid on December 31 of every year. Vasily received $92,790 in return for the issuance of the bonds when the market rate was 10%. Any premium or discount is amortized using the effective interest method. Required: 1. Identify and analyze the effect of the sale of the bonds on January 1, 2017. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item Balance Sheet Income Statement Stockholders' Net Assets Liabilities Equity Revenues Expenses Income Prepare a proper balance sheet presentation for January 1, 2017. Vasily Inc. Balance Sheet (Partial) January 1, 2017 Liabilities 2. Identify and analyze the effect of the payment of interest on December 31, 2017. Activity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. Round the amounts to the nearest whole dollar. Balance Sheet Income Statement Stockholders' Net Assets Liabilities Equity Revenues Expenses = Income Prepare a proper balance sheet presentation for December 31, 2017