Entries for TS: Effective interest Method On juy 1 of Year 1. West Company purchased for cash, 22,$10,000 bonds of North Corporation at a market rate of 6%. The bonds pay 5% interest, payable on a semiannual basis each july 1 and January 1 , and mature in three years on July 1 . The bonds are classified as trading securities. West Company's annua: reportong period ends December 31, Assume the effective interest method of amortization of any discounts or premiums. Note: When anowering the following questions, round answers to the nearest whole doliar. a. Prepare a bond arnortivation schedule for the life of the bonds using the effective interest method