When Patey Pontoons issued 6% bonds on January 1, 2021, with a face amount of $600,000, the market yield for bonds of similar risk and maturity was 7%. The bonds mature December 31, 2024 (4 years). Interest is paid semiannually on June 30 and December 31.

Determine the price of the bonds at Jan 1 2021

Prepare the journal entry to record their issuance by Patey on Jan 1, 2021

Prepare an amortization schedule that determines interest at the effective rate each period

Prepare the journal entry to record to record interest on June 30, 2021

What is the amount related to the bonds that Patey will report in its balance sheet at Dec 31, 2021

What is the amount related to the bonds that Patey will report in its income statement for the year ended Dec 31, 2021

Prepare the appropriate journal entries at maturity on Dec 31, 2024