Sahra Co. issued $2,500,000 of 5%, 20-year bonds. These bonds were issued on January 1, 2020, and pay interest annually on January 1. The bonds yield 3% and were issued at $3,243,884. Required:

(a) Prepare the journal entry to record the issuance of the bonds on January 1, 2020. 

(b) Use the effective interest method to Prepare a bond amortization schedule up to and including January 1, 2024.