Bolt Corporation issues 5-year, 5%, bonds with a face value of $30,000 on January 1, 2022. The bonds pay interest annually on January 1st each year. Instructions: Prepare journal entries and answer the related questions assuming the bonds were issued at (1) face value, (2) discount, (3) premium. Show your work/calculations for full credit. Scenario 1 (Face Value): Assume the $30,000 face value bonds were issued at face value. Prepare journal entries for 2022: 1. Date 1/1/2022 Account Title (To record the bond issuance) 12/31/2022 2. (To accrue one year of interest on bonds) How much is Interest Expense on the 12/31/2023 Income Statement? 3. How much is Interest Payable on the 12/31/2023 Balance Sheet? Debit Credit Scenario 2 (Discount): Bolt Corporation issues 5-year, 5%, bonds with a face value of $30,000 on January 1, 2022. The bonds pay interest annually on January 1st each year. Assume the $30,000 face value bonds were issued at 90. (i.e. 90% of face value) 1. Prepare journal entries for 2022 and 2023: Date 1/1/2022 Account Title Debit Credit 12/31/2022 (To record the bond issuance) 1/1/2023 (To accrued one year of interest on bonds) 12/31/2023 (To pay off interest accrued in 2022) 2. (To accrued one year of interest on bonds) How much is Interest Expense on the 12/31/2023 Income Statement? 3. How much is Interest Payable on the 12/31/2023 Balance Sheet? 4. What is the carrying value of the bonds each year? Complete the partial balance sheet below: 1/1/2022 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 Bonds Payable Discount on B/P -Carrying Value 5. What is the effective interest rate on the bonds? (carry out 2 decimals, 10.25% for example) Scenario 3 (Premium): Bolt Corporation issues 5-year, 5%, bonds with a face value of $30,000 on January 1, 2022. The bonds pay interest annually on January 1st each year. Assume the $30,000 face value bonds were issued at 105. (i.e. 105% of face value) 1. Prepare journal entries for 2022 and 2023: Date Account Title 1/1/2022 12/31/2022 (To record the bond issuance) 1/1/2023 (To accrued one year of interest on bonds) 12/31/2023 (To pay off interest accrued in 2022) Debit Credit 2. (To accrued one year of interest on bonds) How much is Interest Expense on the 12/31/2023 Income Statement? 3. How much is Interest Payable on the 12/31/2023 Balance Sheet? 4. What is the carrying value of the bonds each year? Complete the partial balance sheet below: Bonds Payable Premium on B/P -Carrying Value 1/1/2022 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 5. What is the effective interest rate on the bonds? (carry out 2 decimals, 10.25% for example).