STATE OF RATE IS 7%

The Lions Company issued bonds on January 1, 2021. The bonds have a face value of $3,500,000 and a stated rate of 7% - semiannually on June 30th and December 31 st. The bonds mature December 31,2030 (10 year bonds). Assume the bonds are issued to yield 6% 1) Calculate the bond issue price. 2) Prepare an amortization schedule for the first 4 years of the bonds' life. 3) Give the journal entry for January 1, 2021. 4) Give the journal entry for June 30,2021. 5) Give the journal entry for December 31,2021