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Question 7 (25 points) On January 1, 2017, Spin Master Toys issued $190,000 of 5-year, 10% unsecured debentures at a net price of $176,301.85. Interest is payable annually, on the anniversary date of the bonds. a) Determine the effective interest rate or Veffective yield on the bonds. Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places. (For example: 12.34%) IRA- b) Prepare an amortization schedule for the life of the bond, under the effective interest method. Please make sure your final answer(s) are accurate to 2 decimal places. Payment interest Amortization Balance 103 Jan 1, 2017 Lan 1, 2018 Jan 1, 2019 Jan 1, 2020 inn 1.2021 1 2022 5) Prepare the liability section of the classified balance sheet for Spin Master Toys as at December 31, 2018. Please make sure your final answer(s) are accurate to 2 decimal blaces. Question 7 (25 points) On January 1, 2017, Spin Master Toys issued $190,000 of 5-year, 10% unsecured debentures at a net price of $176,301.85. Interest is payable annually, on the anniversary date of the bonds. a) Determine the effective interest rate or Veffective yield on the bonds. Please make sure your final answer(s) are in percentage form and are accurate to 2 decimal places. (For example: 12.34%) IRA- b) Prepare an amortization schedule for the life of the bond, under the effective interest method. Please make sure your final answer(s) are accurate to 2 decimal places. Payment interest Amortization Balance 103 Jan 1, 2017 Lan 1, 2018 Jan 1, 2019 Jan 1, 2020 inn 1.2021 1 2022 5) Prepare the liability section of the classified balance sheet for Spin Master Toys as at December 31, 2018. Please make sure your final answer(s) are accurate to 2 decimal blaces