5t-202 Accounting II Chapter 14 Graded Assignment Spring 2023 Water Sports Company (WSC) patented and successtuly test-marketed a new product. To expand its ability to produce and market the new product. WSC needs to raise $800,000 of financing. On January 1, 2022. the company obtained the money in two ways: a. WSC signed a $400,000,10% instaliment note to be repaid with five equal annual installments of $105,519 to be made on December 31 of 2022 through 2021. b. WSC issued five-year bonds with a par value of $400,000 for $430,681 cash on January 1,2022 . The bonds have a 12% annual contract rate and pay interest on June 30 and Decomber 31 . The bonds' annual market rate is 10%. Required: 1. For the installment note, (a) complete the amortization tablo below, and (b) prepare the joumal entries for the issuance of the instalment note and the first payment. 2. For the bonds, (a) prepare the January 1, 2022, joumal entry to record their issuance; (b) prepare an amortization table (see below); (c) prepare the June 30, 2022, joumal entry to record the first interost payment, and (d) prepare a joumal entry to record retiring the bonds on December 31. 2026