On January 1, 2020, Hummer Company purchased 7% bonds, having a maturity value of $500,000, for $570,000. The bonds provide the bondholders with a 5% yield. They are dated January 1, 2020, and mature January 1, 2030, with interest receivable June 30 and December 31 of each year. Hummer Company uses the effective-interest method to allocate any unamortized discount or premium. The bonds are classified in the held-to-maturity category. Instructions: 1. Prepare the journal entry at the date of the bond purchase. 2. Prepare the first 3 years of a bond amortization schedule. 3. Prepare the journal entries to record the interest received and the amortization for 2020.