Burr Motor Company, a manufacturer of small- to electric motors, needs additional funds to market a revolutionary new motor. Burr has medium-sized arranged for private placement of a $50,000, s-year, 11 bond issue. Interest on these bonds is paid annuany was each year on August 31. The issue dated and sold on September 1, 2015, for proceeds of s48,197.61 to veld 12%. Burr Motor Company has December 31 fiscal year-end. 1. Prepare a band interest expense and discount amortization schedule showing interest expense for each interest period using the effective interest method. 2. Prepare fourmal entries to record the issuance of the bonds and the interest entries for 2016 and 2017 using (a) the emectve interest method and (b) the straight-wine method. Chart of CHART OF ACCOUNTS Burr Motor Company 111 Cash 411 Sales Revenue 121 Accounts Receivable 141 Inventory 500 Cost of Goods Sold 152 Prepaid Insurance 511 Insurance Expense 512 Utines Expense 521 Salaries Expense 532 Bad Debt Expense 211 Accounts Payable 541 Depreciation Expense 231 Salaries Payable 910 Income Tax Expense 257 Discount on Bonds Payable 258 Interest Payable 261 Income Taxes Payable 311 Common Stock Prepare Journal entries to record the issuance of the bonds and the interest eneries for 2016 and 2017 using the offective interest mechod