Required information The following information applies to the questions displayed below) Alexi Co. issued $3.10 million face amount of 5%, 10-year bonds on June 1, 2019. The bonds pay interest on an annual basis on May 31 each year. b-1. Independent of your answer to part a, assume that the proceeds were $2,747,000. Use the horizontal model to show the effect of issuing the bonds. Indicate the financial statement effect. (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 2,747,000 - Discount on bonds payable = Bonds payable Stockholders' Equity Net Income Cash Check v interest on an annual ontal model to show the effect of n millions. Enter decreases with Income Statement Revenues ilders' Equity Net Income Expenses Bonds payable Cash Discount on bonds payable