Pharoah Company issues $3,000,000, 10-year, 7% bonds at 93, with interest payable each January 1. 1.Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account...

Pharoah Company issues $3,000,000, 10-year, 7% bonds at 93, with interest payable each January 1.

1.Prepare the journal entry to record the sale of these bonds on January 1, 2020.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

2.Assuming instead that the above bonds sold for 101, prepare the journal entry to record the sale of these bonds on January 1, 2020.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)