The Nicety School (TNS), a leading international school of etiquette, sells $7,000,000 of six-year, 8% bonds priced to yield 8.8%. The bonds are dated July 1, 2020, but due to some regulatory hurdles are not issued until December 1, 2020. Interest is payable annually on June 30 each year. TNS can call the bonds on July 1, 2024, at 103. The bonds sell for $6,747,284 plus accrued interest. TNS sells shares to the public for the first time in early 2023. They use part of the IPO (initial public offering) proceeds to buy back $3,500,000 (face value) of the bonds in the open market on July 1, 2023. TNS pays a total of $3,420,000 to reacquire the bonds and retires them. On July 1, 2024, TNS calls the remaining bonds and retires them. The company's year-end is June 30. Read the requirements. iRequirement Requirements a. Complete a bond amortization spreadsheet using the format that follows. Include the partial redemption of bonds on July 1, 2023. Date Interest expense Interest paid Discount amortized Amortized cost Prepare journal entries to record: b. the issuance of the bonds on December 1, 2020, assuming that TNS has adopted a policy of crediting interest expense for the accrued interest on the date of sale; c. payment of interest and related amortization on June 30, 2021; d. payment of interest and related amortization on June 30, 2023; e. repurchase of the bonds on July 1, 2023; f. payment of interest and related amortization on June 30, 2024; and g. repurchase of the bonds on July 1, 2024. (Record debits first, then credits. Explanations are not required.) Print Done