Hatch Fly-fishing Company issued $600,000 face value bonds on January 1, 2019, with semiannual interest payments to be made on June 30 and December 31 at a contract rate of 8%. The bonds are scheduled to mature five years after they were issued. The market rate of interest at issuance was 10%. Required: Part 1 Calculate the issue price of the bonds on January 1, 2019. Use Excel formulas. Part 2 Prepare an Effective interest schedule showing the bond interest expense and amounts of amortization for the life of the bonds. Part 3 Prepare journal entries for the following dates: 1) January 1, 2019 (issuance of the bond) 2) June 30, 2019 (first interest payment) 3) December 31, 2023 (last interest payment and repayment of the bond). Part 1 Calculate the issue price Part 2 Effective Interest Schedule Period Ending Date Cash Interest Paid Bond Interest Expense Premium or Discount Amortization Unamortized Premium or Discount Carrying Value Part 3 Journal Entries Hatch Fly-fishing Company wants to buy a fleet of 10 fishing rafts from Rocky Mountain Rafts. Rocky Mountain Rafts agrees to sell the rafts to Hatch in exchange for $3,500 cash and a $25,000 note that would be payable in monthly installments for 15 months. The rate of interest on the note is 9%. Required: Part 1 Calculate the amount of Hatch's monthly payment. The first payment is scheduled for April 30, 2019. Use the PMT function in Excel. Part 2 Prepare an amortization schedule in Excel for the 15 month loan. Part 3 Prepare journal entries to record: 1) The purchase of the rafts on April 1, 2019 2) The first payment on April 30, 2019 3) The second payment on May 31, 2019 Part 1 Calculate the monthly payment Part 2 Amortization Table periode pedine Begining balance interesentiense Period Ending Date Beginning Balance Debit Interest Expense Debit Notes Payable Note nble Credit Cash la Ending Balance UBBBBO Ovou WNA Part 3 Journal Entries