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Pharoah Company issued $550,000, 10-year, 4% bonds at 103. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit

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Pharoah Company issued $550,000, 10-year, 4% bonds at 103. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 List of Accounts Suppose the remaining Premium on Bonds Payable was $9.900 on December 31, 2025. Show the balance sheet presentation on this date. PHAROAH COMPANY Balance Sheet (Partial)

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