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Pharoah Electric sold $5,850,000, 14%, 10-year bonds on January 1, 2020. The bonds were dated January 1, 2020, and paid interest on January 1. The

Pharoah Electric sold $5,850,000, 14%, 10-year bonds on January 1, 2020. The bonds were dated January 1, 2020, and paid interest on January 1. The bonds were sold at 97.

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Prepare the journal entry to record the issuance of the bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do Date Account Titles and Explanation Debit Credit Jan. 1, 2020 At December 31, 2020, $8,100 of the Discount on Bonds Payable account has been amortized. Show the balance she presentation of the long-term liability at December 31, 2020. (Enter account name only and do not provide descriptive information.) Pharoah Electric Balance Sheet (Partial) On January 1, 2022, when the carrying value of the bonds was $5,690,700, the company redeemed the bonds at 101. Record the redemption of the bonds assuming that interest for the period has already been paid. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022

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