P10-8A Prepare journal entries to record issuance of bonds, interest, straight-line amortization, and balance sheet presentation and balance sheet presentation Yung Corporation sold $2,000,000, 7%, 5 year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on January 1. The company uses straight-line amortization on bond premiums or discounts. Instructions (a) Prepare all necessary journal entries to record the issuance of the bonds and bond interest expense for 2014, assuming the bond sold at 102. (b) Prepare journal entries as in part (a) assuming the bonds sold at 97. (c ) Show the balance sheet presentation for the bond issue at December 31, 2014, using (1) the 102 selling price, and then (2) the 97 selling price NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . (a) Jan 1 Account Value Account Value Account Value Dec 31 Account Value Account Value Account Value (b) Jan 1 Account Value Account Value Account Value Dec 31 Account Value Account Value Account Value (c ) Premium Current Liabilities Interest Payable Value Long-term Liabilities Bonds payable, due 2019 Value Add: Premium on bonds payable Value Value Discount Current Liabilities Interest Payable Value Long-term Liabilities Bonds payable, due 2019 Value Less: Discount on bonds payable Value Value