Schmidt Corporation issued $550,000 of 14%,10-year bonds payable on January 1,2022 . The market interest rate at the date of issuance was 12%, and the bonds pay interest semiannually (on June 30 and December 31 ). Schmidt Corporation's year-end is June 30 . Read the requirements. 1. Using the PV function in Excel, calculate the issue price of the bonds. (Round your answer to the nearest whole dollar.) The issue price of the bonds is 2. Prepare an effective-interest amortization table for the bond through the first three interest payments. Round amounts to the nearest dollar. 3. Record Schmidt Corporation's issuance of the bonds on January 1,2022, and payment of the first semiannual interest amount and amortization of the bond premium on June 30, 2022. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Start by recording the issuance of bonds on January 1, 2022