On January 1, Year 1, Calvert Company issues 12%,$100,000 face value bonds for $103,545.91, a price to yield 10%. The bonds mature on December 31, Year 2. Interest is paid semiannually on June 30 and December 31. Required: 1. Prepare a bond interest expense and premium amortization schedule using the straightline method. 2. Prepare a bond interest expense and premium amortization schedule using the effective interest method. 3. Prepare the journal entries to record the interest payments on June 30, Year 1, and December 31, Year 1, using both methods. CHART OF ACCOUNTS Calvert Company General Ledger ASSETS 111 Cash 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance 181 Equipment 198 Accumulated Depreciation LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 255 Bonds Payable 256 Premium on Bonds Payable 261 Income Taxes Payable REVENUE 411 Sales Revenue EXPENSES 500 Cost of Goods Sold 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense 532 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense EQUITY 311 Common Stock 331 Retained Earnings 1. Propare a bond interest expense and premium amortization schedule using the straight-hine method. 2. Prepare a bond interest expense and promium amortization schodule using the effective interest method: 3a. Prepare the joumal entries to record the interest payments on June 30 , Year 1 , and December 31 . method. 3b. Propare the joumal entries to record the interest payments on June 30, Yoar 1, and December 31, interest method