On January $1,2023,$ Pronghorn Limited paid $$508\mathrm{.}109\mathrm{.}42$ for $12\%$ bonds with a maturity value of $$490,000.$ The bonds provide the bondholders witha $11\%$ yield. They are dated January $1,2023,$ and mature on January $1,2028,$ with interest receivable on December $31$ of each year. Pronghorn accounts for the bonds using the amortized cost approach, applies ASPE using the effective interest method, and has a December $31$ year end. please show your work for the prepare a bond amortization schedule especially on the cash received, interest income and all. show the answer with formula. Prepare a bond amortization schedule. Prepare the journal entry to record interest received and interest income for $2023$Credit account titles are indented when the amount is entered. Do not indent manuallyIf no entry is required, select No Entry for the account and enter for the amountsUst debit entries before credit entriesRound answers to $2$ decimal places, eg $5275)$ Date Account Titles and ExplanationDebit Credit Dec. $312023$ eTextbook and Media of Accounts Attemptsof $3$ used d$)$ Prepare the journal entry to record interest received and interest income for $2024.$ Credit account titles are automatically indented when the amount is entered Do not indent manuallyIf no entry is required, select No Entry for the account and enter for the amounts debit entries before credit entries Round answers to $2$ decimal$$places$52\mathrm{.}75.$ Prepare the journal entry to record the redemption of the bond at maturity $($Credit account titles are outomatically indented when the amount is enteredDo not indent manuallyIf no entry is required, select No Entry for the account titles and enter for the amounts debit entry before credit entryRound answers to $2$ decimal $52\mathrm{.}75$ Date Account Titles and Explanation Debit Credit Jan. $12028$ eTextbook and Media List of Accounts Attempts: of $3$ used Submit Answer Monty used method of discount$/$premium amortization prepare the journal entry to record interest received and interest income the company would make each year $($ Credit account titles are automatically indented when the amount is entered not indent manuallyno entry is required select No Entry for the account titles and enter for the amountsList debit before credit entriesRound to $2$ decimal places, $5275$Debit$$Credit$.$ Compare the total interest income reported over the five$-$year period under the effective interest method and the straight$-$line method. $($Round answers to $2$ decimal places, $52\mathrm{.}75)$ Total interest income Effective interest method Straightline method Total interest income under$$the$$two$$methods$.$