On December 31, 2020, Whitfield Corp. issued $ 400,000 10% bonds, due on December 31, 2025. Interest is to be paid semi-annually on June 30 and December 31. The bonds were sold at a market value of $432,444 to yield 8% effective annual interest. Whitfield has a calendar year end. Required: 1. Complete the following amortization schedule for the dates indicated. Show to the second decimal place (dollars and cents). Use the effective-interest method. (4 marks) Cash interest paid Interest expense Premium Amortization Carrying amount of bonds Dec. 31,2020 $432,444 June 30, 2021 Dec. 31, 2021 2. Prepare the journal entry for Whitfield at December 31, 2021, to record the payment of 6 months' interest (from June 30 to December 31) and related expense. (3 marks) Debit Credit 3. Assume instead that Whitfield is using the straight-line method to amortize the bond premium. What would be the carrying amount of the bonds at December 31, 2021? (3 marks) SUMMARY SHEET OF SELECTED RATIOS 1.Accounts receivable turnover Net credit sales Average accounts receivable 2. Inventory turnover Cost of goods sold Average inventory 3. Current ratio = Current assets Current liabilities 4. Debt to equity ratio= Total liabilities Total equity 5. Cash ratio=Cash and short-term investments Current liabilities 6. Return on assets ratio = Average total assets Net income + (Interest expense x (1- tax rate)) 7. Quick ratio = Cash + Accounts receivable + short term investments Current liabilities 8 Return on equity ratio = Net income Average equity 9. Gross profit percentage ratio = Gross profit (or Gross Margin) Net sales 10. Net profit margin percentage ratio Net income Net sales 11. Earnings per share (EPS) = (Net Income - Preferred Dividends) Average number of common shares outstanding