Prepare the journal entries to record the following transactions. (Round answers to decimal places, eg. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. The issuance of the bonds on January 1, 2022. 2. Accrual of interest and amortization of the premium on December 31, 2022. 3. The payment of interest on January 1, 2023. 4. Accrual of interest and amortization of the premium on December 31, 2023. No. Date Account Titles and Explanation Debit Credit 1. Jan. 1, 2022 Cash 2898710 Bonds Payable 198710 Premium on Bonds Payable 1691290 2. Dec. 31, 2022 Interest Expense 173923 Premium on Bonds Payable 15077 Interest Payable 189000 3. Jan. 1, 2023 Interest Payable 1691290 Cash 1691290 4. Dec. 31, 2023 Interest Expense 173018 Premium on Bonds Payable 15982 Interest Payable 189000 - Your answer is partially correct. Provide the answers to the following questions. 1. What amount of interest expense is reported for 2023? (Round answer to O decimal places, e.g. 125.) Interest expense to be reported $ 189000 2. The bond interest expense reported in 2023 would be greater than 4| the amount that would be reported if the straight-line method of amortization were used. eTextbook and Media List of Accounts On January 1, 2022, Sheffield Company issued $2,700,000 face value, 7%, 10-year bonds at $2.898,710. This price resulted in a 6% effective interest rate on the bonds. Sheffield uses the effective interest method to amortize bond premium or discount. The bonds pay annual interest on each January 1. - Your answer is partially correct. Prepare the journal entries to record the following transactions. (Round answers to decimal places, eg 125. Credit account titles are automatically indented when amount is entered. Do not indent manually 1. The issuance of the bonds on January 1, 2022 2. Accrual of interest and amortization of the premium on December 31, 2022 3. The payment of interest on January 1, 2023. 4. Accrual of interest and amortization of the premium on December 31, 2023. No. Date Account Titles and Explanation Debit Credit 1. Jan 1, 2022 2098710 Bonds Payable Premium on Bonds Payable 1691290 2. Dec 31, 2022 interest Expense 173923 Premium on Bonds Payable 15077 Interest Payable 189000 3. Jan. 1, 2023 Interest Payable 1691290