Martinez Corporation sold $2.500,000, 8%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Martinez Corporation uses the straight-line method to amortize bond premium or discount. Your answer is correct. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 103. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Date Account Titles and Explanation Debit Credit Jan. 1 | Cash 2.575.000 Premium on Bonds Payable 75.000 Bonds Payable 2.500.000 Dec. 31 Interest Expense 185.000 Premium on Bonds Payable 15,000 Interest Payable 200,000 e Textbook and Media List of Accounts - Your answer is partially correct. Prepare journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 95. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 2.375.000 Discount on Bonds Payable 1225000 Bonds Payable 2.500.000 Dec 31 Interest Expense 220500 Discount on Bonds Payable 24500 Interest Payable 200,000 e Textbook and Media List of Accounts (1) Show the balance sheet presentation for the bond issue at December 31, 2022, using the 103 selling price. MARTINEZ CORPORATION Balance Sheet(Partial) December 31, 2022 Current Liabilities Interest Payable 200.000 Long-term Liabilities Bonds Payable $ 2.500.000 Add : Premium on Bonds Payable 60.000 2,560,000 (2) Show the balance sheet presentation for the bond issue at December 31, 2022, using the 95 selling price. MARTINEZ CORPORATION Balance Sheet (Partial) December 31, 2022 Current Liabilities Interest Payable 200,000 Long-term Liabilities 2.500.000 Bonds Payable Less Discount on Bonds Payable 4000 246000