Question 5 (1 point) Parker Company issued ten-year, 9%, bonds payable in 2020 at a premium. During 2020, the company's accountant failed to amortize any of the bond premium. The omission of the premium amortization will 1) cause net income for 2022 to be understated. 2) cause net income for 2022 to be overstated. 3) cause retained earnings at the end of 2022 to be overstated. 4) not affect net income for 2022. Question 6 (1 point) Sheridan Company issued $6,500,000 of 6%, 10-year bonds for $5,614,000. The straight-line method of amortization is to be used. The journal entry to be recorded at the end of each yea record the accrued interest and the amortization of discount will include a 1) credit to Discount on Bonds Payable for $59,120. 2) debit to Bond Interest Expense for $390,000. 6 7 E RT