Part B

Blossom Company sold $3,100,000,7%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. Your answer is correct. Prepare the journal entries to record the issuance of the bonds assuming they sold at:(1) 101 and (2) 95. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Credit Debit No. Date Account Titles and Explanation 3131000 1. 1/1/22 Cash 3100000 Bonds Payable 31000 Premium on Bonds Payable 2945000 Cash 1/1/22 155000 2. 3100000 Discount on Bonds Payable Bonds Payable Prepare amortization table for issuance of the bonds sold at 101 for the first three interest payments. Annual Interest Periods Interest Expense to Be Recorded Interest to Be Pald Premium Amortization Unamortized Premium Bond Carrying Valu Issue date Prepare amortization table for issuance of the bonds sold at 95 for the first three interest payments. Annual Interest Periods Interest to Be Paid Interest Expense to Be Recorded Discount Amortization Unamortized Discount Bond Carrying Valu Issue date