Exercise 14-9 (Algo) Issuance of bonds; effective interest; amortization schedule; financial statement effects [LO14-2] When Patey Pontoons issued 6 % bonds on January 1, 2021, with a face amount of $600,000, the market yield for bonds of similar risk and maturity was 10%. Thus, the bonds issued for $522,442. The bonds mature December 31, 2024 (4 years). Interest is paid semiannually on June 30 and December 31. (EV of $1, PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry to record bond issuance by Patey on January 1, 2021. 2. Prepare an amortization schedule that determines interest at the effective rate each period. 3. Prepare the journal entry to record interest on June 30, 2021. 4. What is the amount related to the bonds that Patey will report in its balance sheet at December 31, 2021? 5. What is the amount related to the bonds that Patey will report in its income statement for the year ended December 31, 2021? (Ignore income taxes.) 6. Prepare the appropriate journal entries at maturity on December 31, 2024. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4 and 5 Req 6 Prepare the journal entry to record their issuance by Patey on January 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.)