- Reporting and Analyzing Liabilities Question 2 of 3 8.67 / 12 E View Policies Show Attempt History Current Attempt in Progress Pharoah Company sold $5,200,000,8%, 15-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on December 31. The bonds were sold at 97. Your answer is partially correct: Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 5096000 Discount on Bonds Payable Bonds Payable e Textbook and Media List of Accounts eporting and Analyzing Liabilities Question 2 of 3 8.67/12 Your answer is partially correct. At December 31, 2022, $8,000 of the bond discount had been amortized. Show the long-term liability balance sheet presentation of the bond liability at December 31, 2022. PHAROAH COMPANY Balance Sheet (Partial) December 31, 2022 m Liabilities Payable 5200000 Discount on Bonds Payable eTextbook and Media List of Accounts ent - Reporting and Analyzing Liabilities Question 2 of 3 8.67 / 12 Your answer is partially correct. At January 1, 2024, when the carrying value of the bonds was $5,096,000, the company redeemed the bonds at 103. Record the redemption of the bonds assuming that interest for the year had 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 Bonds Payable 5200000 Loss on Bond Redemption Discount on Bonds Payable Cash e Textbook and Media List of Accounts Savn forlater