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September 30, 2020, and pay interest semiannually on March 31 and September 30. Assume an effective yield rate of 14%. Required: 1. Prepare a bond interest expense and discount amortization schedule using the straight-line method. 2. Prepare a bond interest expense and discount amortization schedule using the effective interest method. 3. Prepare adjusting entries for the end of the fiscal year December 31, 2019, using the: a. straight-line method of amortization b. effective interest method of amortization 4. If income before interest and income taxes of 30% in 2020 is $500,000, compute net income under each alternative. 5. Assume the company retired the bonds on June 30,2020 , at 98 plus accrued interest. Prepare the journal entries to record the bond retirement using the: a. straight-line method of amortization b. effective interest method of amortization 6. Compute the company's times interest earned (pretax operating income divided by interest expense) for 2020 under each alternative. 4. If income before interest and income taxes of 30% in 2020 is $500,000, compute net income under each alternative. Feedback Check My Work EBIT - Interest expense - Tax expense = Net income The key to the problem is the calculation of Interest Expense. The amortization table shows interest expense for six month periods. These periods may not match the calendar year. Remember that this problem requires Interest Expense for 2020 only. In the amortization schedule for this problem the first expense calculation is for 10/01/19-03/31/20. In other words, only half of this amount is an expense for 2020. The next line in the amortization table calculates interest for 03/31/20-09/30/20, all of which is in 2020. The next line calculates interest for a six month period, half of which is in 2020 and the remainder is in 2021