Saylor Co. sold $3,000,000,8%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually. Your answer is correct. Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 103 and (2) 98. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. 1/1/22 cash 3090000 Bonds Payable 3000000 Premium on Bonds Payable 90000 1. 2. 1/1/22 | cash 2940000 Discount on Bonds Payable 60000 Bonds Payable 3000000 Prepare amortization table for issuance of the bonds sold at 103 for the first three interest payments. Annual Interest Periods Interest to Be Paid Interest Expense to Be Recorded Premium Amortization Unamortized Premium Bond Carrying Value Issue date $ 231000 9000 3090000 240000 231000 9000 3081000 240000 231000 9000 3072000 240000 231000 9000 3063000 Prepare amortization table for issuance of the bonds sold at 98 for the first three interest payments. Annual Interest Periods Interest to Be Paid Interest Expense to Be Recorded Discount Amortization Unamortized Discount Bond Carrying Value Issue date $ o 246000 6000 2940000 240000 246000 6000 2946000 240000 6000 2952000 246000 246000 240000 6000 2958000 Prepare the journal entries to record interest expense for 2022 under both of the bond issuances assuming they sold at: (1) 103 and (2) 98. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. 12/31/22 Interest Expense 231000 Premium on Bonds Payable 9000 Interest Payable 240000 2. 12/31/22 Interest Expense 246000 Interest Payable 240000 Discount on Bonds Payable 6000 Show the long-term liabilities balance sheet presentation for issuance of the bonds sold at 103 at December 31, 2022. SAYLOR CO. Balance Sheet (Partial) December 31, 2022 Long-term Liabilities | Add : Show the long-term liabilities balance sheet presentation for issuance of the bonds sold at 98 at December 31, 2022. SAYLOR CO. Balance Sheet (Partial) December 31, 2022 Long-term Liabilities Less