Please help complete part B.

On June 30, 2020, Vaughn Company issued $3,120,000 face value of 15%, 20-year bonds at $3,824,160, a yield of 12%. Vaughn uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31. (a) Your answer is correct. Prepare the journal entries to record the following transactions. (Round answer to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) The issuance of the bonds on June 30, 2020. (2) The payment of interest and the amortization of the premium on December 31, 2020. (3) The payment of interest and the amortization of the premium on June 30, 2021. (4) The payment of interest and the amortization of the premium on December 31, 2021. Date Account Titles and Explanation Debit Credit June 30, 2020 Cash 3824160 Bonds Payable 3120000 Premium on Bonds Payable 704160 December 31, 2020 Interest Expense 229450 Premium on Bonds Payable 4550 Cash 234000 June 30, 2021 Interest Expense 229177 Premium on Bonds Payable 4823 Cash 234000 December 31, 2021 Interest Expense 228887 Premium on Bonds Payable 5113 Cash 234000 (b) Your answer is partially correct. Show the proper balance sheet presentation for the liability for bonds payable on the December 31, 2021, balance sheet. (Round answers to 0 decimal places, e.g. 38,548.) Vaughn Company Balance Sheet December 31, 2021 V Long-term Liabilities Bonds Payable $ 3120000 Premium on Bonds Payable Book Value of Bonds Payable V $