On December 31, 2015, when the market rate was 8%, Bones Corp purchased $500,000, 10%, 5-year bonds. Interest is payable semi-annually on June 30 and December 31. The corporation uses the effective interest method of amortizing bond premiums or discounts. Required: 1. Prepare an amortization schedule for the first five payment periods. Round all amounts to the nearest whole dollar. (5 Marks) 2. Prepare the journal entry at December 31, 2015 to record the purchase of the bonds. (2 Marks) 3. Prepare the journal entry at the first interest receipt, June 30, 2016