Required information Exercise 7-15 (Algo) Bonds payable-record issuance and premium amortization LO 7-8 [The following information applies to the questions displayed below.] Jessie Company issued $1 million face amount of 11.5%, 20-year bonds on July 1, 2022. The bonds pay interest on an annual basis on June 30 each year. Exercise 7-15 (Algo) Part b - Horizontal model b-1. Independent of your answer to part a, assume that the proceeds were $1,070,000. Use the horizontal model to show the effect of issuing the bonds. Indicate the financial statement effect. Note: Enter your answers in whole dollar, not in millions. Enter decreases with a minus sign to indicate a negative financial statement effect. Assets Balance Sheet Liabilities Stockholders' Equity Net Income R + + ! Required information Exercise 7-15 (Algo) Bonds payable-record issuance and premium amortization LO 7-8 [The following information applies to the questions displayed below.] Jessie Company issued $1 million face amount of 11.5%, 20-year bonds on July 1, 2022. The bonds pay interest on an annual basis on June 30 each year. Exercise 7-15 (Algo) Part b - Journal entry b-2. Independent of your answer to part a, assume that the proceeds were $1,070,000. Record the journal entry to show the effect of issuing the bonds. Note: Enter your answer in whole dollar, not in millions. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Required information Journal entry worksheet < 1 Record the issuance of bond. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal > ! Required information Exercise 7-15 (Algo) Bonds payable-record issuance and premium amortization LO 7-8 [The following information applies to the questions displayed below.] Jessie Company issued $1 million face amount of 11.5%, 20-year bonds on July 1, 2022. The bonds pay interest on an annual basis on June 30 each year. Exercise 7-15 (Algo) Part c c. Calculate the interest expense that Jessie Company will show with respect to these bonds in its income statement for the fiscal year ended December 31, 2022, assuming that the premium of $70,000 is amortized on a straight-line basis. Note: Enter your answers in whole dollar, not in millions. Accrued interest payable Premium amortization Interest expense for 6 months