When Patey Pontoons issued $10\%$ bonds on January $1,2024,$ with a face amount of $$880,000,$ the market yield for bonds of similar risk and maturity was $11\%.$ The bonds mature December $31,2027(4$ years$).$ Interest is paid semiannually on June $30$ and December $31.$Required:$1.$ Determine the price of the bonds at January $1,2024\mathrm{.}2.$ Prepare the journal entry to record their issuance by Patey on January $1,2024\mathrm{.}3.$ Prepare an amortization schedule that determines interest at the effective rate each period$\mathrm{.}4.$ Prepare the journal entry to record interest on June $30,2024\mathrm{.}5.$ What is the amount related to the bonds that Patey will report in its balance sheet at December $31,2024?6.$ What is the amount related to the bonds that Patey will report in its income statement for the year ended December $31,2024?($Ignore income taxes.$)7.$ Prepare the appropriate journal entries at maturity on December $31,2027.$Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ EVAD of $$1$ and PVAD of $$1)$