Question: Can you please help explain this question? I'm not sure on what formulas to use. Flounder Corporation sold $3,490,000,7%,5-year bonds on January 1, 2017. The

Can you please help explain this question? I'm not sure on what formulas to use.

Flounder Corporation sold $3,490,000,7%,5-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and pay interest on January 1. Flounder Corporation uses the straight-line method to amortize bond premium or discount.

The necessary journal entries to record the issuance of the bonds and bond interest expense for 2017, assuming that the bonds sold at104.

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