On January 1, 2022, Sarasota Company issued $2,500,000 face value, 7%, 10-year bonds at $2,683,991. This price resulted in a 6% effective interest rate on the bonds. Sarasota 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. Prepare the journal entries to record the following transactions. (Round answers to 0 decimal places, eg. 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. Account Titles and Explanation Debit Credit No. 1. Date Jan. 1,2022 Cash 2683991 Bonds Payable 2500000 Premium on Bonds Payable 183991 2. Dec 31, 2022 Interest Expense 161039 Premium on Bonds Payable 13961 Interest Payable 175000 3. Jan. 1, 2023 Interest Payable 175000 Cash 175000 4. Dec. 31, 2023 Interest Expense Premium on Bonds Payable Interest Payable 175000 Show the proper long-term liabilities balance sheet presentation for the liability for bonds payable at December 31, 2023. (Round answers to 0 decimal places, e.g. 125.) SARASOTA COMPANY Balance Sheet (Partial) December 31, 2023 Long-term Liabilities Bonds Payable $ 2500000 Add : Premium on Bonds Payable e Textbook and Media List of Accounts - Your answer is partially correct. Provide the answers to the following questions. 1. What amount of interest expense is reported for 2023? (Round answer to O decimal places, e.g. 125.) Interest expense to be reported $ 2. The bond interest expense reported in 2023 would be greater than 4 the amount that would be reported if the straight-line method of amortization were used