Interest Payable e Textbook and Media List of Accounts Attempts: 1 of 5 used (b) Your answer is correct. Show the proper long-term liabilities balance sheet presentation for the liability for bonds payable at December 31, 2023. (Enter account name only and do not provide descriptive information.) Novak Corp. Balance Sheet December 31, 2023 Bonds Payable $ 3400000 Add Premium on Bonds Payable 195386 e Textbook and Media List of Accounts Attempts: 2 of 5 used (c) What amount of interest expense is reported for 2023? Interest expense $ Would the bond interest expense reported in 2023 be the same as, greater than, or less than the amount that would be reported if the straight-line method of amortization were used? (Round answers to O decimal places, e.g. 15,250.) The bond interest expense reported in 2023 will be V the amount that would be reported if the straight-liner e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer On January 1, 2022. Novak Corp. issued $3.400,000 face value. 9%, 10-year bonds at $3.628,143. This price resulted in a 8% effective interest rate on the bonds. Novak uses the effective interest method to amortize bond premium or discount. The bonds pay annual interest on each January 1. . (a) Your answer is correct. Prepare the journal entries to record the following transactions. (Round answers to O decimal places, eg. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) (2) (3) (4) The issuance of the bonds on January 1, 2022. Accrual of interest and amortization of the premium on December 31, 2022. The payment of interest on January 1, 2023. Accrual of interest and amortization of the premium on December 31, 2023. Debit Credit Account Titles and Explanation Cash 3628143 Premium on Bonds Payable 228143 Bonds Payable 3400000 022 Interest Expense 290251 Premium on Bonds Payable 15749 Interest Payable 306000 Interest Payable 306000 Cash 306000 023 Interest Expense 288992 Premium on Bonds Payable 17008 Interest Payable 306000 e Textbook and Media List of Accounts Attempts: 1 of 5 used (b) Your answer is correct