FINANCIAL ACCOUNTING HELP PLEASE! Answer (B) PLEASE!

Problem 10-9A (Part Level Submission) Pharoah Company sold $3,150,000, 7%, 10-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and pay interest on January 1. The company uses straight. ne amortization on bond premiums and discounts. Financial statements are prepared annually. (a) MYour answer is correct. Prepare the journal entries to record the issuance of the bonds assuming they sold at: (1) 104 and (2) 98. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Aocount Titles and Explanation Credit 1. 1/1/17 Cash 3,276,000 T Bonds Payable 3,150,000 T 126,000 Premium on Bonds Pay 2. 1/1/17 Cash 3,087,000 T T Discount on Bonds Payable 63,000 T Bonds Payable 3,150,000