ABC Corporation issued $500,000 in bonds to Inc. Incorporated on March 31, 2020. The bonds were created on January 1, 2020,but were not issued until later due to problems selling the bonds in the market. The bonds mature on December 31, 2023. The bonds pay interest at an annual rate of 10 percent. The interest payment dates are each June 30 and December 31. The market rate of interest is 4 percent. Inc. Incorporated paid $615, 981 for the bonds ($12,500 of accrued interest and $603,481 for the fair value of the bonds-i.e., $609,882 less $6,401 of implicit amortization from January 1 to March 31). The amortization of the bonds using the effective interest method from March 31 to June 30 is $6,401 (i.e., 50 percent of the amount for the first six months). The fair value of the bonds on January 1, 2020, is $609,882. a.Using the effective interest method, complete the remainder of the amortization schedule from issuance through maturity. Cash Payment Effective Interest Date 1/1/20 (Date created) 6/30/20 $25,000 $12,198 Premium Amortization Carrying Value $12,802 $609,882 $597,080 b.Using the effective interest method, prepare the journal entries required on March 31, 2020, June 30, 2020, and December 31, 2020, for both parties. Inc. Incorporated intends to hold the bonds to maturity. c.Instead of using the effective interest method, compute the amount of monthly amortization for each party using straight-line amortization.