Note Computations and Entries (Straight Lne) issued. Required: 1. Prepare the necessary journal entry at January 1,2024 , If an amount box does not require an entry, leave it blank. 2024 Jan. 1 Record issuance of notes at discount Fectugck Chock Aty wark 1. When bonds are issued, any premium or discount is recorded in a separate valuation account. 2024 June 30 x Record interest expense Record interest expense Feedaeck Chank Ny Work 3. Any premium or discount is amortized to interest expense. 4. Determine the carrying amount of this note at the end of the fifth year (December 31,2028 ). x Fuedagck Chack sty Work 4. Discount and premium accounts are valuation accounts. Reporting Long-Term Debt Fridley Manufacturing's accounting records reveal the following acoount balances after adjusting entries are made on December 31,2024 : Required: items may need to be split into more than one item. Total current llabilities Long-term liabilities: Bonds payable: Bonds payable (8.7%, due in 2027) Bonds payable (9.4\%, due in 2031) Less: Discount on bonds payable (9.4%, due in 2031) Bonds payable ( 9.4%, due in 2031), net Notes payable: Notes payable (7.8%, due in 2029). Add: Premium on notes payable (7.8%, due in 2029) Notes payable (7.8\%, due in 2029), net Installment note payable (8%). Note payable (4%, due in 2030) Less: Discount on note payable Notes payable (4\%, due in 2030 ), net Other long-term liabilities: Lease liability Deferred tax liability Total liabilities