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. Complete this question by entering your answers in the tabs below. Reg1 Reg 2 Reg 3 Reg 4 Reg 5 and 6 Reg 7 Determine the price of the bonds at January 1, 2021. (Round final answers to the nearest whole doltar.) Table values are based on: n 8 Present Value Cash Flow Interest Principal Price of bonds 2.5% Amount $ 16,400 $ 820.000 790,602