On January 1, 2020, Holmes Co. issued $500,000, 6%, 5-year bonds for $459,446. Interest dates are July 1 and December 31 each year. 1. Determine the effective annual yield on the bonds. 2. Record issuance of the bonds on January 1, 2020. 3. Prepare an amortization table using the effective interest method through December 31, 2021. 4. Record the entry for payment of interest on July 1, 2020. 5. How much Interest Expense will be reported on the 2020 Income Statement? 6. How much interest is paid to bondholders during 2020? 7. What is the carrying value of the bonds on the 12/31/20 Balance Sheet