On Jan 1, 2017, Black Company issued $800,000 face value of 12%, 15-year bonds at $860,652. The market interest rate was 10%. The company uses effective-interest method to amortize the bond premium or discount. The bonds pay annual interest on December 31 each year. REQUIREMENTS Part 1. Prepare the journal entries for (Show amortization schedule for calculations): a. The issuance of the bonds on January 1, 2017. b. The payment of interest and the amortization of the premium on December 31, 2019. c. The payment of interest and the amortization of the premium on December 31, 2020. Part 2. On December 31, 2021, half of the bonds were called at 98. Journalize the bond redemption. (Show calculations where possible)On Jan 1, 2017, Black Company issued $800,000 face value of 12%, 15-year bonds at $860,652. The market interest rate was 10%. The company uses effective-interest method to amortize the bond premium or discount. The bonds pay annual interest on December 31 each year. REQUIREMENTS Part 1. Prepare the journal entries for (Show amortization schedule for calculations): a. The issuance of the bonds on January 1, 2017. b. The payment of interest and the amortization of the premium on December 31, 2019. c. The payment of interest and the amortization of the premium on December 31, 2020. Part 2. On December 31, 2021, half of the bonds were called at 98. Journalize the bond redemption. (Show calculations where possible)