Pharoah Company issued $500,000,7%, 30-year bonds on January 1, 2022, at 103. Interest is payable annually on January 1, Pharoah uses straight-line amortization for bond premium or discount (a) Your answer is correct Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan 1 Cash 515000 Bonds Payable 500000 Premium on Bonds Payable 15000 Prepare the journal entry to record the accrual of interest and the premium amortization on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Dec 31 Interest Expense Premium on Bonds Payable Interest Payable eTextbook and Media List of Accounts Attempts: 0 of 3 used Submit Answer Save for Later Last saved 4 minutes ago Saved work will be auto submitted on the due date. Auto- Submission can take up to 10 minutes (c) The parts of this question must be completed in order. This part will be available when you complete the part above. (d) The parts of this question must be completed in order. This part will be available when you complete the part above