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Concord Corporation sold $2,950,000, 9%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Concord Corporation uses the straight-line method to amortize bond premium or discount. - Your answer is partially correct. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 103. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 3,038,500 Premium on Bonds Payable 2 2,950,000 Premium on Bonds Payable Bonds Payable Interest Expense C C O C 247800L ,950,000 88500 Bonds Payable 88500 Dec. 31 Premium on Bonds Payable 17700 Interest Payable 265500 Prepare journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 96. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Interest Expense 2832000 Discount on Bonds Payable 2596000 Bonds Payable 236000 Dec. 31 Interest Expense 253700 Discount on Bonds Payable 519200 Interest Payable 265500 e Textbook and Media List of Accounts (1) Show the balance sheet presentation for the bond issue at December 31, 2022, using the 103 selling price. CONCORD CORPORATION Balance Sheet (Partial) December 31, 2022 A (2) Show the balance sheet presentation for the bond issue at December 31, 2022, using the 96 selling price. CONCORD CORPORATION Balance Sheet (Partial) December 31, 2022

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