On January $1,2021,$ Hobart Services Ltd$.$ issued $$200,000$ of $7\%$ bonds at $98.$

Bonds are due January $1,2026,$ with interest payable semi$-$annually on July $1$ and

January $1.$

Required:

$$ Calculate the bond price & the effective interest rate for the semi$-$annual

interest payments

$$ Prepare a bond amortization schedule for the life of the bond

$$ Prepare all the journal entries relating to the bond for $2021$

$$ Prepare a classified partial balance sheet as at December $3$