Required information Exercise 7-16 (Algo) Bonds payable-record issuance and discount amortization LO 7-8 [The following information applies to the questions displayed below.] Alexi Company issued $2.80 million face amount of 8%, 10-year bonds on June 1, 2022. The bonds pay interest on an annual basis on May 31 each year. Exercise 7-16 (Algo) Part b - Horizontal model b-1. Independent of your answer to part a, assume that the proceeds were $2,437,000. Use the horizontal model to show the effect of issuing the bonds. Indicate the financial statement effect. Note: Enter your answers in whole dollars, not in millions. Enter decreases with a minus sign to indicate a negative financial statement effect. Assets Balance Sheet Liabilities Stockholder