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The Square Foot Grill, Inc issued $155.000 of 10-year, 6 percent bonds on January 1 Year 2, at 102. Interest is payable in cash annually on December 31. The straight line method is used for amortization Required a. Use a financial statements model to demonstrate how (1) the January 1 Year 2, bond issue and (2) the December 31, Year 2. recognition of interest expense, including the amortization of the premium and the cash payment, affects the company's financial statements b. Determine the carrying value (face value less discount or plus premium) of the bond liability as of December 31, Year 2 c. Determine the amount of interest expense reported on the Year 2 income statement d. Determine the carrying value of the bond liability as of December 31, Year 3 e. Determine the amount of interest expense reported on the Year 3 income statement Complete this question by entering your answers in the tabs below. Reg A Reg tot Use a financial statements model to demonstrate how (1) the January 1, Year 2, bond issue and (2) the December 31, Year 2, recognition of interest expense, induding the amortization of the premium and the cash payment, affects the company's financial statements. (use for increase or for decrease. In the Statement of Cash Flows column, use the initials o to designate operating activity, IA for investing activity, and FA for financing activity. Not all cells require input) Show less SQUARE FOOT GRILL, INC. Effect of Transactions on Financial Statements Balance Sheet Income Statement Liabilities Stockholders Expense Equity Revenue Event No. Statement of Cash Flows Net Income Assets 1 2 Reg 10 > The Soune Foot Gincued 5155,000 of 10-year 6 percent bond on January 1 Year 2 at 102. Interests payable in cash annually on December 1 The Straight line method is used for amortization Required Uue a financial statements model to demonstrate how to the January Year 2, bond issue and the December 31 Year 2 recognition of interest expense, including the motion of the premium and the cash payment affects the company's financial tements Determine the carrying value dece valueless discount or plus demum of the bond ability as of December 31 Your 2 Determine the amount of interest expense reported on the Year 2 income statement d. Determine the carrying value of the bond by as of December 31 Year 3 Determine the amount of interest expense reported on the Year income statement Complete this question by entering your anwwers in the tabs below. De the carry value acestor mm) the band ability of December 31 Din the art of exported on the income statement De the carrying the bond 31 Year Delinterested on the Western Car Mega