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Fong Corporation sold $2,000,000,7%,5-year bonds on January 1,2024. The bonds were dated January 1,2024, and...

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Accounting

Fong Corporation sold $2,000,000,7%,5-year bonds on January 1,2024. The bonds were dated January 1,2024, and pay interest each January 1. Fong Corporation uses the straight-line method to amortize bond premium or discount.
a) Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2024, assuming that the bonds sold at 102.
b) Prepare journal entries as in part (a) assuming that the bonds sold at 97.
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