Question: Current Attempt in Progress On May 1, 2022, Pharoah Corp. issued $ 560,000, 6%, 5-year bonds at face value. The bonds were dated May 1,

May 1, 2022, and pay interest annually on May 1. Financial statements

Current Attempt in Progress On May 1, 2022, Pharoah Corp. issued $ 560,000, 6%, 5-year bonds at face value. The bonds were dated May 1, 2022, and pay interest annually on May 1. Financial statements are prepared annually on December 31. (a) Your answer is partially correct Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation May 1 2022 Interest Expense 11200 11200 (c) Show the balance sheet presentation on December 31, 2022. (Enter account name only and do not provide descriptive information.) Pharoah Corp. Balance Sheet (Partial) $ e Textbook and Media Question b OT / (1) Assume that on January 1, 2024. Pharoah pays the accrual bond interest and calls the bonds. The call price is 105. Record the payment of interest and redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do no indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1. 2024 (To record payment of interest) Jan. 1 2024 (To record redemption of the bonds) dtv S . AW IN MacBook Air

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