Part 2: Effective Interest Method of Interest Amortization & Mortgages Payable Notes 2) Eraserbite Co. issued bonds with a face value of $100,000 at 88 on January 1, 2019. The stated rate of interest on the bonds is 5% per year and is payable annually on January 1stveThe effective interest rate is 6%. (Round all answers to the nearest dollar). a. Using the effective interest method, prepare the journal entry to record interest expense on December 31st, 2019. 12/31/2019 b. What is the carrying value of the bonds on December 31, 2019? C. Prepare the journal entry to record the payment of interest on Jan. 1st, 2020. 1/1/2020 d. Using the effective interest method, prepare the journal entry to record interest expense on December 31, 2020. 12/31/2020 e. What is the carrying value of the bonds on December 31, 2020