On January 1, 2022, Blue Company issued $3,400,000 face value, 7%, 10-year bands at $3,650,227. This price resulted in a 6% effective interest rate on the bonds. Blue uses the effective interest method to amortize bond premium or discount. The bonds pay annual interest on each January 1. your answer is partially correct. Try again. Prepare the journal entries to record the following transactions. (Round answers to o decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. The issuance of the bonds on January 1, 2022. 2. Accrual of interest and amortization of the premium on December 31, 2022. 3. The payment of interest on January 1, 2023. 4. Accrual of interest and amortization of the premium on December 31, 2023. No. Date Account Titles and Explanation Debit Credit 1. Jan. 1, 2022 Cash M Premium on Bonds Payable Bonds Payable 2. Dec 31, 2022 Interest Expense Premium on Bonds Payable Interest Payable 3. Jan 1, 2023 Interest Payable Cash 4. Dec. 31, 2023 Interest Expense Show the proper long-term liabilities balance sheet presentation for the liability for bonds payable at December 31, 2023. (Round answers to o decimal places, e.g. 125.) BLUE COMPANY Balance Sheet (Partial) SA SHOW LIST OF ACCOUNTS X Your answer is incorrect. Try again. Provide the answers to the following questions. 1. What amount of interest expense is reported for 2023? (Round answer to 0 decimal places, c.g. 125.) Interest expense to be reported 2. The bond interest expense reported in 2023 would be the amount that would be reported if the straight-line method of amortization were used. Click if you would like to Show Work for this question: Open Show Work