11 Problem 3 (12 points): Hamilton Corporation issued $6,000,000 of 8% bonds on January 1, 2020, due on January 1, 2025. The interest is to be paid twice a year on July 1 and January 1. The bonds were sold for $5,536,696 and yield a 10% effective annual interest rate. Hamilton Corporation closes its books annually on December 31. a) Prepare the bond amortization schedule for the Hamilton Corporation bond for the first 2 years. Interest Carrying Date Cash Interest Expense Amortization Value 1/1/2020 7/1/2020 1/1/2021 7/1/2021 1/1/2022 b) Prepare the journal entry to record the bond issuance: Date Account Debit Credit 3 Problem 3 continued c) Prepare the joumal entry for July 1, 2020, and the adjusting entry for December 31, 2020, if any. Use the effective interest method. Date Account Debit Credit