a$)$ Explain any four classifications of BONDS

b$)$ Kisumu Co$.$ Ltd issued $8\%4-$year bond payable of Kshs$.10,000,000$ on $1^{st}$ January $2015,$ Interest payable semiannually on $1^{st}$ July and $1^{st}$ January each year. The effective interest rate of the bond is $10\%.$

Required

i$.$ The price at which the bond was sold

ii$.$ Prepare the bond amortization schedule using effective interest method

iii. Journal entry on $1^{st}$ July $2015$ and ${31}^{st}$ December $2015$