Recording Bond Entries and Preparing an Amortization Schedule-Effective Interest Method, Discount Mitchell Inc. issued 60, 6%, $1,000 bonds on January 1, 2020. The bonds pay cash interest semiannually each July 1, and December 31, and were issued to yield 7%. The bonds mature December 31, 2022, and the company uses the effective interest method to amortize bond discounts or premiums. Required a. Determine the selling price of the bonds. Round amount to the nearest dollar. b. Prepare an amortization schedule for the full bond term. c. Prepare journal entries on the following dates. 1. January 1, 2020, bond issuance. 2. July 1, 2020, interest payment. 3. December 31, 2020, interest payment. Bond Selling Price Amortization Schedule Journal Entries a. Selling price of bonds Recording Bond Entries and Preparing an Amortization Schedule ective interest Method, Discount Mitchell Inc. issued 60, 6%, $1,000 bonds on January 1, 2020. The bonds pay cash interest semiannually each July 1, and December 31, and were issued to yield 7%. The bonds mature December 31, 2022, and the company uses the effective interest method to amortize bond discounts or premiums. Required a. Determine the selling price of the bonds. Round amount to the nearest dollar. b. Prepare an amortization schedule for the full bond term. c. Prepare journal entries on the following dates. 1. January 1, 2020, bond issuance. 2. July 1, 2020, interest payment. 3. December 31, 2020, interest payment. Bond Selling Price Amortization Schedule Journal Entries b. Note: Round amounts in schedule to the nearest whole dollar. Use rounded amounts for subsequent calculations in the schedule. Note: Include any net rounding difference for Bond Payable, Net in the interest expense amount for Dec. 31, 2022. Cash Interest Expense Discount Amortization Bonds Payable, Net 169,089 $ 0 $ 0 0 0 0 0 Date Jan. 1, 2020 July 1, 2020 Dec 31, 2020 July 1, 2021 Dec 31, 2021 July 1, 2022 Dec 31, 2022 Total 0 0 0 4,860 $ 4,860 4,860 4,860 4,860 4,860 0 $ 0 0 0 0 0 0 0 0 0 0 $ $ 0 Mitchell Inc. issued 60, 6%, $1,000 bonds on January 1, 2020. The bonds pay cash interest semiannually each July 1, and December 31, and were issued to yield 7%. The bonds mature December 31, 2022, and the company uses the effective interest method to amortize bond discounts or premiums. Required a. Determine the selling price of the bonds. Round amount to the nearest dollar. b. Prepare an amortization schedule for the full bond term. c. Prepare journal entries on the following dates. 1. January 1, 2020, bond issuance. 2. July 1, 2020, interest payment. 3. December 31, 2020, interest payment. Bond Selling Price Amortization Schedule Journal Entries C. Note: List multiple debits or credits (when applicable) in alphabetical order. Note: Round your answers to the nearest whole dollar. Date Account Name Dr. 1. Jan. 1, 2020 Cr. 0 0 0 0 2. Jul. 1, 2020 0 0 0 0 0 0 3. Dec 31, 2020 0 0 0 0 0 10