Colwood General Stores Inc. is authorized to issue $590,000 of 7.8%,10-year bonds. On December 31,2020 , when the market interest rate is 8.8%, the company issues $472,000 of the bonds and receives cash of $439,739. Colwood General amortizes bonds by the effective-interest method. The semi-annual interest dates are January 31 and July 31. Requirements 1. Prepare a bond amortization table for the first four semi-annual interest periods. 2. Record issuance of the bonds on December 31,2020 , and the semi-annual interest payments on January 31,2021 , and July 31,2021