Elizabeth Windsor Inc issued face value $200,000 bonds on January 1, 2019 with a coupon rate of 08 percent. The bonds pay interest on June 30 and December 31 and will mature in 10 years on January 1 2029. The market rate at issue was 11 percent, but the bond's issue costs raised the effective yield to 12 percent on the date of issue. The bonds are callable at 102.

1. Calculate the amount the bonds sold for on January 1, 2019 and prepare the journal entry to record it.

2. Prepare an amortization table for the first four periods of the bond's life, rounding all values to the nearest dollar.

3. Prepare the journal entry to record the December 31, 2019 interest payment.

4. As of December 31, 2019, how much would be reflected on Elizabeth Windsor's balance sheet as the current and liability portion of the bond issue and how much would be reflected as the non-current portion.

5. On January 1, 2021, Elizabeth Windsor called 50 percent of the bond payable. Prepare the journal entry to record the retirement of this portion of the bond. The market rate on this day was 16 percent.

6. Alternatively, on January 1, 2021, Elizabeth Windsor repurchased 100 percent of the outstanding bonds on the open market, The market rate at repurchase was 20 percent.