Burr Motor Company, a manufacturer of small$-$ to medium$-$sized electric motors, needs additional funds to market a revolutionary new motor. Burr has

arranged for private placement of a $$50,000,5-$year, $11\%$ bond issue. Interest on these bonds is paid annually each year on August $31.$ The issue was

dated and sold on September $1,2018,$ for proceeds of $$48,197\mathrm{.}61$ to yield $12\%.$ Burr Motor Company has December $31$ fiscal year$-$end.

Required:

Prepare a bond interest expense and discount amortization schedule showing interest expense for each interest period using the effective

interest method.

Prepare journal entries to record the issuance of the bonds and the interest entries for $2019$ and $2020$ using $($a$)$ the effective interest method

and $($b$)$ the straight$-$line method.