Thank you! Use your first method, use the bold only for the words and NOT for the single letters and of course NO bold for the r and l single letters that begin the print statement--just letter signs for all these. A single letter that means a letter does not have emphasis, even when present in print. There are a couple of exceptions but that is rare and we're not going there!
So use your first option.
Thanks for the print!
--Joanna