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On January 1, 2020. Potter Corporation issued $1,000,000,4%, 5-year bonds. The bonds were sold to yield an effective-interest rate of 5% Interest is paid annually on December 31. The company uses the effective interest method of amortization Present value of $1 Present value of Ordinary Annuity of $1 3% 49 5% n 3% 496 5% 3 0.91514 0.88900 0.86384 2.82881 2.77509 2.72325 4 0.88849 0.85480 0.82270 3.71710 3.62900 3.54595 5 0.86261 0.82193 0.78353 4.57971 4.45182 4.32948 Instructions 1. Determine the issuance price of the bonds, and prepare the journal entry to record the issuance of the bonds on January 1, 2020. (Round to the nearest do 2. Prepare a bond discount amortization schedule which shows the amortization of discount for the first two interest payment dates. 3. Prepare the journal entries that Potter Corporation would make on December 31, 2020, and December 31, 2021 related to the bonds. TT T Arial 3 (12pt) T IE