Exercise 14-9 (Algo) Issuance of bonds; effective interest; amortization schedule; financial statement effects [LO14-2] When Patey Pontoons issued 10% bonds on January 1,2024 , with a face amount of $880,000, the market yield for bonds of similar risk and maturity was 11%. The bonds mature December 31,2027 (4 years). Interest is pald semiannually on June 30 and December 31 Required: 1. Determine the price of the bonds at January 1, 2024 2. Prepare the journal entry to record their issuance by Patey on January 1,202.4 3. Prepare an amortization schedule that determines interest at the effective rate each period 4. Prepare the joumal entry to record interest on June 30,2024 5. What is the amount related to the bonds that Patey will report in its balance sheet at December 31,2024 ? 6. What is the amount related to the bonds that Patey will report in its income statement for the year ended December 31,2024 ? (ugnore income taves) 7. Prepare the appropriate journal entries at maturity on December 31, 2027 Note: Use tables, Excel, or a financial calculator. (EY of S1, PY of S1, EVA of S1, PVA of \$1, EVAD of S1 and PVAD of S1) Complete this question by entering your answers in the tabs below. Determine the price of the bonds at January 1,2024. Note: Round final answers to the nearest whole dollar. Round your percentage answer to one decimal place