Suppose Northeast Airlines issued $110,000 of 11%, five-year bonds when the market interest rate is 22%. The market price of the bonds drops, and Southwest receives $74,348 when the bonds are issued. The transaction was recorded as follows: (Click the icon to view the transaction.) Northeast's journal entries to record interest expense and amortize the bond discount in the first year follows: (Click the icon to view the journal entries.) At December 31, 2021, Northeast's bond accounts appear as follows: (Click the icon to view the accounts.) What would Northeast Airlines' 2021 income statement and year-end balance sheet report for these bonds? Begin by completing the income statement for 2021 . Transaction Journal entries Accounts Suppose Northeast Airlines issued $110,000 of 11%, five-year bonds when the market interest rate is 22%. The market price of the bonds drops, and Southwest receives $74,348 when the bonds are issued. The transaction was recorded as follows: (Click the icon to view the transaction.) Northeast's journal entries to record interest expense and amortize the bond discount in the first year follows: (Click the icon to view the journal entries.) At December 31, 2021, Northeast's bond accounts appear as follows: (Click the icon to view the accounts.) What would Northeast Airlines' 2021 income statement and year-end balance sheet report for these bonds? Begin by completing the income statement for 2021 . Transaction Journal entries Accounts