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Pharoah Electric sold $3,000,000,12%,10-yeir bonds on January 1, 2022. The bonds were dated January 1...

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Pharoah Electric sold $3,000,000,12%,10-yeir bonds on January 1, 2022. The bonds were dated January 1 and pay interest annually on January 1. Pharoah Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at 103. (a) Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Credlt account titles are automatically Indented when amount Is entered. Do not Indent manually.) Prepare a bond premium amortization schedule for the first 4 interest periods. Prepare a bond premium amortization schedule for the first 4 interest periods. Prepare the journal entries for interest and the amortization of the premium in 2022 and 2023. (Crodit acosunt bites ane automatically indented when amount is entered. Do not indent manually. Record joumal entries in the onder presented in the problem. ) Show the balance sheet presentation of the bond liability at December 31,2023. (Enter account name only and do not provide descriptlve information.)

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