Pharoah Cars Co. issued $ 1.94 million of 9%, 5-year bonds on January 1, 2021. The bonds were dated January 1 and pay interest annually. The bonds are secured with real estate holdings. The market interest rate was 8% for these bonds. Pharoah has a calendar year end. Click here to view the factor table. Present Value of 1 Click here to view the factor table. Present Value of an Annuity of 1 Calculate the price of the bonds. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to 0 decimal places, e.g. 1,575.) Price of the bonds $ Record the bond issue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, 2021 Cash Bonds Payable (To record issuance of bonds.) eTextbook and Media List of Accounts Question Part Score--/0.3 Prepare an effective interest amortization table for these bonds. (Round answers to 0 decimal places, e.g. 5,275.) PHAROAH CARS CO. Bond Premium Amortization Table Effective Interest MethodAnnual Interest Payments 9% Bonds Issued at market rate of 8% Date Interest Payment Interest Expense Premium Amortization Bond Amortized Cost Jan. 1, 2021 $ $ $ $ Jan. 1, 2022 197600 Jan. 1, 2023 197600 Jan. 1, 2024 197600 Jan. 1, 2025 197600 Jan. 1, 2026 197600 and Media List of Accounts Question Part Score--/0.35 Journalize the first three interest payments assuming reversing entries have been used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 Interest Expense Bonds Payable Cash (To record interest payment.) Jan. 1, 2023 Interest Expense Bonds Payable cash (To record interest payment.) Jan. 1, 2024 Interest Expense Bonds Payable cash (To record interest payment.)