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On June 30, 2020, Sweet Company issued $4,470,000 face value of 14%, 20-year bonds at $5,142,560, a yield of 12%. Sweet uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31. . (a) Your answer is correct. Prepare the journal entries to record the following transactions. (Round answer to decimal places, eg, 38,548. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) (2) The issuance of the bonds on June 30, 2020. The payment of interest and the amortization of the premium on December 31, 2020. , The payment of interest and the amortization of the premium on June 30, 2021. . The payment of interest and the amortization of the premium on December 31, 2021. (3) ( (4) Date Account Titles and Explanation Debit Credit June 30, 2020 Cash 5,142,560 Premium on Bonds Payable 672,56 Bonds Payable 4,470,00 December 31, 2020 Interest Expense 308,554 Premium on Bonds Payable 4,346 Cash 312,90 June 30. 2021 Interest Expense 308,293 Premium on Bonds Payable 4,607 Cash 312,90 December 31.2021 Interest Expense 308,016 Premium on Bonds Payable 4,684 Cash 312.90 e Textbook and Media List of Accounts Attempts: unlimited (b) Your answer is partially correct. Show the proper balance sheet presentation for the liability for bonds payable on the December 31, 2021, balance sheet. (Round answers to decimal places, eg. 38,548.) Sweet Company Balance Sheet December 31, 2021 Long-term Liabilities Bonds Payable 4,470.000 Premium on Bonds Payable Book Value of Bonds Pavable e Textbook and Media List of Accounts Save for Later Attempts: unlimited Submit Answer (c) c) The parts of this question must be completed in order. This part will be available when you complete the part above

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