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Flyers Inc. has issued two types of debt on January 1, 2022 , the start of the company's fiscal year (January to December) 1. $60
Flyers Inc. has issued two types of debt on January 1, 2022 , the start of the company's fiscal year (January to December) 1. \$60 Million par of 10 year, zero-coupon bonds at a price to yield 12% per year. 2. $30 million, 10 -year, 10% unsecured bonds, interest payable semi-annually, on July 1 and January 1 , to yield 12%. Instructions: 1.Prepare Bond Amortization Schedules for both bonds using Straight-line and Effective Interest Method. Use illustration 14.6 (page 14-10) as a sample to prepare schedule of bond amortization. Please make sure to use cell-formula 2. Prepare Journal entries for both bonds for 2022, 2023, and 2024 using Effective Interest Method of amortization. Journal entries are to be made on December 31 for Bonds #1 and for Bonds \#2, on July 1, December 31 , and January 1
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