p 10 1A On January 1, 2017, Opal company issued $2,000,000 face value, 7%, 10-year bonds at $2,147,202. This price resulted in a 6% effective interest rate on the bonds. Opal uses the effective-interest method to amortize bond premium or discount. The bonds pay Prepare journal entries to record ssance o bonds payment of interest, and effective-interest annual interest on each January 1. Instructions (a) Prepare the journal entries to record the following transactions amortization, and balance sheet presentation. (LO 3, 4, 6), AP (1) The issuance of the bonds on January 1, 2017 (2) Accrual of interest and amortization of the premium on December 31, 2017, (3) The payment of interest on January 1, 2018. (4) Accrual of interest and amortization of the premium on December 31, 2018. (a) (4) Interest (b) Show the proper long-term liabilities balance sheet presentation for the liability for Expense $128,162 bonds payable at December 31, 2018 (c) Provide the answers to the following questions in narrative form. (1) What amount of interest expense is reported for 2018? (2) Would the bond interest expense reported in 2018 be the same as, greater than, or less than the amount that would be reported if the straight-line method of amortiza- tion were used