When Patey Pontoons issued 4% bonds on January 1,2021 , with a face amount of $740,000, the market yleid for bonds of similar risk and maturity was 5%. The bonds mature December 31,2024 (4 years). Interest is paid semiannually on June 30 and December 31 . (FV of \$1. PV of \$1, EVA of \$1. PVA of \$1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds at January 1, 2021. 2. Prepare the journal entry to record their issuance by Patey on January 1, 2021. 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, 2021. 5. What is the amount related to the bonds that Patey will report in its balance sheet at December 31,2021 ? 6. What is the amount related to the bonds that Patey will report in its income statement for the year ended December 31,2021? (lgnore income taxes.) 7. Prepare the appropriate journal entries at maturity on December 31, 2024 . Complete this question by entering your answers in the tabs below. Determine the price of the bonds at January 1,2021 . (Round final answers to the nearest whole dollar.) When Patey Pontoons Issued 4% bonds on January 1, 2021, with a face amount of $740,000, the market yleld for bonds of similar risk and maturity was 5%. The bonds mature December 31,2024 (4 years). Interest is paid semiannually on June 30 and December 31 . (FV of \$1. PV of \$1, FVA of \$1. PVA of \$1. FVAD of $1 and PVAD of $1 ) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds at January 1, 2021. 2. Prepare the Journal entry to record their issuance by Patey on January 1, 2021. 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, 2021. 5. What is the amount related to the bonds that Patey will report in its balance sheet at December 31,2021? 6. What is the amount related to the bonds that Patey will report in its income statement for the year ended December 31,2021? (Ignore income taxes.) 7. Prepare the appropriate Journal entries at maturity on December 31, 2024. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record their issuance by Patey on January 1, 2021. (if no entry is required for a transaction/event, seiect "No journal entry required" In the first account field. Round Intermediate calculations and final answers to the nearest whole dollar.) Requlred: 1. Determine the price of the bonds at January 1, 2021. 2. Prepare the journal entry to record their issuance by Patey on January 1,2021. 3. Prepare an amortization schedule that determines interest at the effective rate each period. 4. Prepare the journal entry to record interest on June 30,2021. 5. What is the amount related to the bonds that Patey will report in its balance sheet at December 31, 2021? 6. What is the amount related to the bonds that Patey will report in its income statement for the year ended December 31,2021 ? (ignore income taxes.) 7. Prepare the approprlate journal entries at maturity on December 31, 2024 . Complete this question by entering your answers in the tabs below. Prepare an amortization schedule that determines interest at the effective rate each period. (Hound intermediate calculations and fnal answers to the nearest whole dollari) 7. Prepare the appropriate Journal entries at maturity on December 31,2024. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record interest on June 30, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account feld. Round intermediate calculations and final answers to the nearest whole dollar.) Journal entry worksheet Record the interest expense on June 30, 2021. Note: Enter debits before credits. Requlred: 1. Determine the price of the bonds at January 1, 2021. 2. Prepare the joumal entry to record their Issuance by Patey on January 1, 2021. 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, 2021. 5. What is the amount related to the bonds that Patey will report in its balance sheet at December 31,2021 ? 6. What is the amount related to the bonds that Patey will report in its income statement for the year ended December 31,2021 ? (ignore income taxes.) 7. Prepare the appropriate journal entries at maturity on December 31, 2024. Complete this question by entering your answers in the tabs below. What is the amount(s) related to the bonds that Patey will report in its balance sheet at December 31,2021 and income statement for the year ended December 31, 2021? (Ignore income taxes.) (Round intermediate calculations and final answers) to the nearest whole dollar.) Journal entry worksheet Record the interest expense on December 31, 2024. Note: Enter debits before credits
