The company Unlimited Gain issues $2,000,000 face value of seven-year bonds on January 1, 2022 when the market interest rate is 5%. The bonds are sold for $1,884,272 and the bonds pay 4% interest annually. (Round to the nearest dollar)

Required:

i. Prepare the issuer's journal entry to record the issuance of the bond. (3 marks)

ii. Compute the total bond interest expense over the bonds life. (1 mark)

iii. Prepare an effective interest amortization table for the first two interest payment periods using the format shown below: (5 marks)

Annual Interest Period	Cash Interest Paid	Bond Interest Expense	Discount Amortization	Unamortized Discount	Carrying Amount

iv. Prepare the journal entry to record the first interest payment. (3 marks)