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 $2.00 milion 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. independent of your answer to part a assume that the proceeds were $2.437000. 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 A My Exp 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. 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 milion 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 milions. Enter decreases with a minus sign to indicate a negative financial statement effect. Malanow Sheet Income Mairment Shehere Equy Nel rooms Revenue Exper