Please help explain second journal entry and both balance sheets.

Novak Corporation sold $2,600,000, 6%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Novak Corporation uses the straightline method to amortize bond premium or discount. V Your answer is correct. Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 105. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash 2730000 Bonds Payable 2600000 Premium on Bonds Payable 130000 Dec. 31 Interest Expense 130000 Premium on Bonds Payable 26000 Interest Payable 156000 Prepare journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 95. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash Bonds Payable Premium on Bonds Payable Dec. 31 Interest Expense Premium on Bonds Payable Interest Payable(1) Show the balance sheet presentation for the bond issue at December 31, 2022, using the 105 selling price. NOVAK CORPORATION Balance Sheet (Partial) December 31, 2022 Current Assets Cash $ 2730000 Current Liabilities Bonds Payable $ 2600000 Add Premium on Bonds Payable 104000 2704000 (2) Show the balance sheet presentation for the bond issue at December 31, 2022, using the 95 selling price. NOVAK CORPORATION Balance Sheet (Partial) December 31, 2022 Current Assets cash LA 2470000 Current Liabilities Bonds Payable 2600000 Less Discount on Bonds Payable 104000 i 2496000