When Patey Pontoons 15sued6% bonds on January 1.2024 , with a face amcunt of $840,000, the market yeld for bonds of similar flsk and maturty was 11\%. The bonds mature December 31, 2027 (4 years). Interest is paid semiannually on June 30 and December 31. Requlred: 1. Determine the price of the bonds ot January 1,2024 2. Prepare the journal entry to record their issuance by Patey on January 1, 2024. 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, 2024. 5. What is the omount reloted to the bonds that Patey will report in iss balance sheet at December 31, 2024? 6. What is the amcunt related to the bonds that Patey will report in its income statement for the year ended December 31.2024 ? (lgnore income taxes.) 7. Prepare the appropriate journal entries at maturity on December 31, 2027. Note: Use tobles, Excel, or a finenclal calculetor, EV of S1. PV of S1. PYA of S1. PYA of S1, EYAD of S1 and PYAD of S1) Complete this question by entering your answers in the tabs below. Prepsre the journal entry to record their issusnce by Patey on January 1, 2024. Nota! If no entry ir required for a transaction/event, select "No journal entry required" in the first acceunt field. Round intermediate calculations and final angwers to the nearest whole dollar. Journal entrv worksheet matei enper ckura evire uvara. When Patey Pontoons issued 6% bonds on January 1.2024, with a face amount of $840,000, the market yield for bonds of similar risk and maturity was 11%. The bonds mature December 31,2027 (4 years). Interest is paid semiannually on June 30 and December 31 . Required: 1. Determine the price of the bonds at January 1, 2024. 2. Prepare the joumal entry to record their issuance by Patey on January 1, 2024. 3. Prepare an amortization schedule that determines interest at the effective rate each period. 4. Prepare the journal entry to record interest on June 30,2024. 5. What is the amount related to the bonds that Patey will report in its balance sheet at December 31, 2024? 6. What is the amount related to the bonds that Patey will report in its income statement for the year ended December 31, 2024? (Ignore income taxes) 7. Prepare the appropriate journal entries at maturity on December 31,2027 Note: Use tables, Excel, or a financial colculator. (EV of \$1. PV of \$1. FVA of \$1. PVA of \$1. FVAD of \$1 and PVAD of \$1) Complete this question by entering your answers in the tabs below. Determine the price of the bonds at January 1, 2024. Note: Round final answers to the nearest whole dollar. Round your percentage answer to one decimal place
