Question $7[25$ points$]$

On January $1,2022,$ Runners issued $$180,000$ of $5-$year, $13\%$ unsecured debentures at a net price of $$156,964\mathrm{.}71.$ Interest is payable annually, on the anniversary date of the bonds.

a$)$ Determine the effective interest rate or effective yield on the bonds. Please make sure your final answer$($s$)$ are in percentage form and are accurate to $2$ decimal places. $($For example: $12\mathrm{.}34\%)$

Yield $=15\%$

b$)$ Prepare an amortization schedule for the life of the bond, under the effective interest method. Please make sure your final answer$($s$)$ are accurate to $2$ decimal places.

$\backslash$table$[[$Payment Interest Amortization Balance$],[,13\%,],[Jan1,2022,,],[$Jan $1,2023,,],[Jan1,2024,,],[Jan1,2025,,],[Jan1,2026,,],[$Jan $1,2027,,]]$

c$)$ Prepare the liability section of the classified balance sheet for Runners as at December $31,2023.$ Please make sure your final answer$($s$)$ are accurate to $2$ decimal places.

$($Select one$)$

Bond payable