Problem esearch When Patey Pontoons issued 6% bonds on January 1, 2021, with a face amount of $840,000, the market yield for bonds of similar risk and maturity was 11%. The bonds mature December 31, 2024 (4 years). Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Budget Required: 1. Determine the price of the bonds at January 1, 2021. 2. Prepare the journal entry to record their issuance by Patey on January 1, 2021. 3. Prepare an amortization schedule that determines interest at the effective rate each period. 4. Prepare the journal entry to record interest on June 30, 2021. 5. What is the amount related to the bonds that Patey will report in its balance sheet at December 31, 2021? 6. What is the amount related to the bonds that Patey will report in its income statement for the year ended December 31, 2021? (Ignore income taxes.) 7. Prepare the appropriate journal entries at maturity on December 31, 2024. Marketing Sales . Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req3 Reg 4 Req 5 and 6 Reg 7 Determine the price of the bonds at January 1, 2021. (Round final answers to the nearest whole dollar.) . . . Technology Table values are based on: Forecast % Present Value n = i = Cash Flow Amount Interest Principal Price of bonds RED Earnings waly 4 Vary 10 baars interest at 7% U required at the end each month for Suaight-line and fective interest compared uline contractual call price of $100,000. The 6% bonds Wannually each June 30 and December 31 Received $31.000 from customer Paid cashon On January 1, 2021. Recreational annually on June 30 Dinber 31. The Required: TABLE 1 Future Value of $1 FV = $1(1 + 7)" 20.0% n/ 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 1 1.01000 1.01500 1.02000 1.02500 1.03000 1.03500 1.04000 104500 1.05000 1.05500 1.06000 1.07000 108000 109000 1.10000 111000 1.12000 2 1.02010 1.03022 1.04040 1.05063 1.06090 1.07123 1.08160 1,09203 1.10250 1.11303 1.12360 1.14490 1.16640 1.18810 1 21000 1.23210 1.25440 31.03030 1.04568 1.06121 1.07689 1.09273 1.10872 1.12486 1.14117 1.15763 1.17424 1 19102 1.22504 1.25971 1.29503133100 136763 1.40493 4 1.04060 106136 1.08243 1.10381 1.12551 1.14752 1.16986 1.19252 1.21551 1.23882 1.26248 1.26248 1.31080 1.36049 1.41158 1.46410 151807 157352 5 1.05101 1.07728 1.10408 1.13141 1.15927 1.18769 1.21665 1.24618 1.27628 1.30696 133823 1.33823 1.40255 1,46933 1,46933 153862 161051 168506 1.76234 6 1.06152 1.09344 1.12616 1.15969 1.19405 1.22926 126532 1.30226 1.34010 1.37884 1.41852 1.50073 158687 1.67710 177156 1.87041 1.97382 7 1.07214 1.10984 1.14869 1.18869 1.22987 1.27228 1.31593 1.36086 1.40710 1.45468 1.50363 1.60578 1.71382 1.82804 1.94872 2.07616 2.21068 8 1.08286 1.12649 1.17166 1.21840 1.26677 1.31681 1.36857 1.42210 1.47746 1.53469 1.59385 1.71819 1.85093 1.99256 2.14359 2.30454 2.47596 9 1.09369 1.14339 1.19509 1.24886 1.30477 1.36290 1.42331 1.48610 1.55133 1.6 1909 1.68948 1.83846 1.99900 2.17189 2.35795 2.55804 2.77308 10 1.10462 1.16054 1.21899 1.28008 1.34392 1.41060 1.48024 1.55297 1.62889 1.70814 1.79085 1.96715 2.15892 2.36736 2.59374 2.83942 3.10585 1.20000 1.44000 1.72800 2.07360 2.48832 2.98598 3.58318 4.29982 5.15978 6.19174 11 1.11567 1.17795 1.24337 1.31209 1.38423 1.45997 1.53945 1.62285 1.71034 1.80209 1.89830 2.10485 2.33164 2.58043 2.85312 3.15176 3.47855 12 1.12683 1.19562 1.26824 1.34489 1.42576 1.51107 1.60103 1.69588 1.79586 1.90121 2.01220 2.25219 2.51817 2.81266 3.13843 3.49845 3.89598 13 1.13809 1.21355 1.29361 1.37851 1.46853 1.56396 1.66507 1.77220 1.88565 2.00577 2.13293 2.40985 2.71962 3.06580 3.45227 3.88328 4.36349 14 1.14947 1.23176 1.31948 1.41297 1.51259 1.61869 1.73168 1.85194 1.97993 2,11609 2.26090 2.57853 2.93719 3.34173 3.79750 4.31044 4.88711 15 1.16097 1.25023 1.34587 1.44830 1.55797 1.67535 1.80094 1.93528 2.07893 2.23248 2.39656 2.75903 3.17217 3.64248 4.17725 4.78459 5.47357 7,43008 8.91610 10.69932 12.83918 15.40702 used to calculate the future value of any single amount. This table shows the future value of $1 at various interest rates (0) and time periods (n). It is Present and Future Value Tables 16 1.17258 1.26899 1.37279 1.48451 1.60471 1.73399 1.87298 2.02237 2.18287 2.35526 2.54035 2.95216 3.42594 3.97031 4.59497 5.31089 6.13039 18.48843 17 1.19430 1.28802 1.40024 1.52162 1.65285 1.79468 1.94790 2.11338 2.29202 2.48480 2.69277 3.15882 3.70002 4.32763 5.05447 4.32763 5.05447 5.89509 6.86604 22.18611 18 1.19615 1.30734 1.42825 1.55966 1.70243 1.85749 2.02582 2.20848 2.40662 2,62147 2.85434 3.37993 3.99602 4.71712 5.55992 6.54355 7.68997 26.62333 19 1.20811 1.32695 145681 1.59865 1.75351 1.92250 2.10585 2.30786 2.52695 2.76565 3.02560 3.61653 4.31570 5.14166 6.11591 7.26334 8.61276 31.94800 20 1.22019 1.34686 1.48595 1.63862 1.80611 1.98979 2.19112 2.41171 2.65330 291776 3.20714 3.86968 466096 5.60441 6.72750 8.06231 9.64629 38.33760 21 1.23239 1.36706 1.51567 1.67958 1.86029 2.05943 2.27877 2.52024 2.78596 3.07823 3.39956 4.14056 5.03383 6.10881 7.40025 8.94917 10.80385 46.00512 25 1.28243 1.45095 1.64061 1.85394 2.09378 2.36324 2.66584 3.00543 3.38635 3.81339 4,29187 5.42743 6.84848 8.62308 10.83471 13.58546 17 00006 95,39622 30 1.34785 1.56308 1.81136 2.09757 2.42726 2.80679 3.24340 3.74532 4.32194 4.98395 5.74349 7.61226 10.06266 13.26768 17.44940 22.89230 29.95992 237.37631 40 1.48886 1.81402 2.20804 2.68506 3.26204 3.95926 4.80102 5.81636 7.03999 8.51331 10.28572 14.97446 21.72452 31.40942 45.25926 65.00087 93.05097 1469.77160