On January $1,2023,$ Norton Corporation purchased an $8-$year, $5\%,$ $$400,000$ bond. At the time of purchase, the market rate was $6\%,$ so Norton paid $$374,878$ for the bond. The bond pays interest semi$-$annually, on June $30$ and December $31.$ Norton has a December $31$ year end.

Required:

Assuming that Norton uses the effective interest method to account for its bonds, prepare the following:

A bond amortization schedule for the first two years of the bond.

All journal entries for the first two years of the bond, including the initial purchase.