Record the interest expense on June 30, 2021. Note: Enter debits before credits. Date General Journal Debit Credit June 30, 2021 Record entry Clear entry View general journal What is the amount(s) related to the bonds that Patey will report in its balance sheet at December 31, 2021 and income statement for the year ended December 31, 2021? (Ignore income taxes.) (Round intermediate calculations and final answe to the nearest whole dollar.) 5. December 31, 2021 book value 6. Interest expense for 2021 Record the interest expense on December 31, 2024. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2024 When Patey Pontoons issued 8% bonds on January 1, 2021, with a face amount of $540,000, 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.) 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. Req 1 Reg 2 Req 3 Req 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.) Table values are based on: n = i = % Cash Flow Amount Present Value Interest Principal Price of bonds Journal entry worksheet 1 Record the issuance of the bonds on January 1, 2021. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Semiannual Interest Period-End Cash Interest Bond Interest Expense Discount Amortization Carrying Value 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 06/30/2023 12/31/2023 06/30/2024 12/31/2024 Total