On January 1, 2020, Flavor Favorites, Inc., issued 10-year bonds with a face value of $500,000 and coupon rate of 6%. The bonds pay interest on June 30 and December 31 . At issue, the market rate was 8%. The bonds are callable at 97 . 1. Using the present value table attached (last page), calculate how much the bond sold for. 2. Prepare the journal entry to record the bond issue. 3. Prepare an amortization table for the first year ( 2 periods) using the effective interest method. 4. Prepare the journal entry to record the interest expense on June 30,2020. On January 1, 2020, Go Fund Me, Inc., issued 10-year bonds with a face value of $500,000 and coupon rate of 16%. The bonds pay interest on June 30 and December 31 . At issue, the market rate was 12%. The bonds are callable at 105 . 1. Using the present value table attached (last page), calculate how much the bond sold for. 2. Prepare the journal entry to record the bond issue. 3. Prepare an amortization table for the first year ( 2 periods) using the effective interest method (Appendix 10B in the textbook). 4. Prepare the journal entry to record the interest expense on December 31, 2021. Periods123456810161820Periods12345681016182012%0.980.960.940.920.910.890.850.820.720.700.672%0.981.942.883.804.715.607.338.9813.5715.016.353%0.970.940.920.890.860.840.790.740.620.590.553%0.971.912.833.724.585.427.028.5312.5613.7514.884%0.960.920.890.850.820.790.730.680.530.490.45PresentValueofAnnuityof$14%0.961.882.773.624.445.236.738.1111.6512.6613.595%0.950.910.860.820.780.750.680.600.460.420.385%0.951.862.723.544.325.076.467.7210.8411.6912.46PresentValueof$10.940.890.840.790.750.700.630.560.390.350.316%0.941.832.673.464.214.916.207.3610.1010.8311.470.930.860.790.740.680.630.540.460.290.250.218%0.931.792.583.324.004.635.756.718.859.379.820.910.830.750.680.620.560.470.390.210.180.1510%0.911.742.493.173.794.355.336.147.828.208.510.890.820.710.640.560.500.400.320.160.130.1012%0.891.692.403.043.604.104.965.656.987.257.47