please explain each calculation

14. Prepare the necessary journal entries to record the following transactions relating to the long-term issuance of bonds of Waynerville Co.: December 1, 2020 Issued $4,000,000 face value Waynerville Co.8% bonds for $4,360,800, at an effective rate of 7%. Interest is payable semiannually on December 1 and June 1 using the effective interest method. June 1, 2021 Paid semiannual interest on Waynerville Co. bonds. December 1, 2021 Paid semiannual interest on Waynerville Co. bonds