Before you begin, print out all the pages in this workbook. Otter Products Inc. issued bonds on January 1, 2019. Interest is to be paid semi-annually. Other information is as follows: Term in years: Face value of bonds issued Issue price: Specified interest rate each payment period Required: 1 Calculate: a. The amount of interest paid in cash every payment period. b. The amount of amortization to be recorded at each interest payment date (use the straight- line method). 2 Complete this amortization table by calculating interest expense, and beginning and ending bond carrying amounts at the end of each period over three vears. Amortization Table CA+D) Beg. bond Periodic cash discount Ending bond carrying amount Period carrying interest interest(prem.) Year ending amount expense paid 2019 2020 2021 amort. Ju amounnrhPeriodic Jun. 30 Dec. 31 Jun. 30 Dec. 31 Jun. 30 Dec. 31 3 Calculate the actual interest rate under the straight-line method of amortization for each six- month period. Round all percentage calculations to two decimal placed. Use the following format: Six monthBond Six-month period carrying interest amount expense Year ending (B/A) 2019 Jun. 30 Dec. 31 Jun. 30 Dec. 31 Jun. 30 Dec. 31 2020 2021 4 Prepare the journal entry for December 31, 2019