Explain The Steps T... W AMZN | Amazon.co... Amazon Financial R... 6 Basic Financial Ra... Amazon Long-term... eBook Calculator Print Item Effective Interest Premium Amortization Chart of Accounts General Journal Analysis Instructions Polk Incorporated issued 5127,000 of 7% bonds on July 1, 2016. for $131,944.18. The bonds were dated January 1, 2016, pay interest on each June 30 and December 31, are due December 31, 2020, and were issued to yield 6%. Polk uses the effective interest method of amortization Required: Prepare the journal entries to record the issue of the bonds on July 1, 2016, and the interest payments on December 31, 2016, and June 30, 2017. In addition, prepare a bond interest expense and premium amortization schedule for the bonds through June 30, 2017