Polk incorporated issued $242,000 of 7% bonds on July 1, 2019, for $251,421.19. The bonds were dated January 1, 2019, pay interest on each June 30 and December 31; are due December 31, 2020, and were issued to yield 6%. Polk uses the effective interest method of amortization. Required: Prepare the joumal entries to rocord the issue of the bonds on July 1, 2019, and the interest payments an Docember 31,2019 , and June 30 , 2020. In addition, prepare a bond interest expense and premium amartizatian schedule for the bonds through June 30, 2020. Prepare the journal entries to record the issue of the bonds on July 1, 2019, and the interest payments on December 31, 2019, and June 30,2020. General voumal Instructions Prepare a bond interest expense and discount amortization schedule for the bonds through June 30, 2020. Analysis instruction Chart of Accounts CHART OF ACCOUNTS Polk Incorporated General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Recelvable 141 Inventory EXPENSES 152 Prepaid Insurance 500 Cost of Goods Sold 181 Equipment 511 Insurance Expense 198 Accumulated Depreciation 512 Utilities Expense 521 Salaries Expense LIABILITIES 532 Bad Debt Expense 211 Accounts Payable 540 Interest Expense 231 Salariae Davahlo 544 Nanrariation Funanea Chart of Accounts ior -quipinen 198 Accumulated Depreciation 512 Utilities Expense 521 Salaries Expense LIABILITIES 532 Bad Debt Expense 211 Accounts Payable 540 Interest Expense 231 Salaries Payable 541 Depreciation Expense 250 Unearned Revenue 559 Miscellaneous Expenses 255 Bonds Payable 910 Income Tax Expense 256 Premium on Bonds Payable 257 Discount on Bonds Payable 261 Income Taxes Payable EQUITY 311 Common Stock 331 Retained Earnings