SOLVE PART C

Sunland Company sold $2,460,000, 5%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Sunland Company uses the straight-line method to amortize bond premium or discount. (a) V Your answer is correct. Prepare all the necessaryjournal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 104. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) )ate Account Titles and Explanation Debit Credit Premium on Bonds Payable || 98400 | Bonds Payable 2460000 31, 2022 Interest Expense 03320 ':| Premium on Bonds Payable 19680 | l | Interest Payable l::| 123000 (b) V Your answer is correct. Prepare all the necessaryjournal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 98. (Credit account tities are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit . 1, 2022 | Cash 2410800 | Discount on Bonds Payable 49200 l Bonds Payable 2460000 Interest Expense 132840 31, 2022 V' | Discount on Bonds Payable 9840 123000 | Interest Payable (C) Show the balance sheet presentation for the bond issue at December 31, 2022, using (1) the 104 selling price, and then (2) the 98 selling price. (Enter account name only and do not provide descriptive information.) Sunland Company Balance Sheet Premium