On January 1, 2020, ABC Company sold 12% bonds having maturity value of $500,000 which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020 and mature December 31, 2024 with interest payable December 31 of each year. ABC Company allocates interest and unamortized discount or premium on the effective interest basis during 5 years. Required: a) Calculate the price of the bond at the issue date. b) Prepare the journal entry at the date of bond issuance on January 1, 2020. c) Prepare the journal entry to record the interest payment and amortization on December 31, 2020