When Patey Pontoons issued $8\%$ bonds on January $1,2024,$ with a face amount of $$700,000,$ the market yield for bonds of similar risk and maturity was $9\%.$ The bonds mature December $31,2027(4$ years$).$ Interest is paid semiannually on June $30$ and December $31.$

Required$($ONLY answer $4-6$ i have already answered$1-3)$:

Prepare the journal entry to record interest on June $30,2024.$

What is the amount related to the bonds that Patey will report in its balance sheet at December $31,2024?$

What is the amount related to the bonds that Patey will report in its income statement for the year ended Decehber $31,2024?($Ignore income taxes.$)$

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,$ FVAD of $$1$ and PVAD of $$1)$

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