Recording Bond Entries and Preparing an Amortization Schedule-Effective Interest Method, Premium Mitchell Inc, issued 96,6%, $1,000 bonds on January 1, 2020. The bonds pay cash interest annually each December 31 and were issued to yield 5%. The bonds mature December 31, 2024, and the company uses the effective interest method to amortize bond discounts or premiums. Required a. Determine the selling price of the bonds. Round amount to the nearest whole dollar. b. Prepare an amortization schedule for the full bond term. c. Prepare journal entries on the following dates. 1. January 1, 2020, bond issuance. 2. December 31, 2020, interest payment. 3. December 31, 2021, interest payment. Bond Selling Price Amortization Schedule Journal Entries b. Note: Round amounts in schedule to the nearest whole dollar. Use rounded amounts for later calculations in the schedule. : . Note: Include any net rounding difference for Bond Payable, Net in the interest expense amount for Dec 31, 2024. Date Jan. 1, 2020 Dec 31, 2020 $ Dec 31, 2021 Dec. 31, 2022 Dec. 31, 2023 Dec 31, 2024 Total $ Cash Interest Expense Discount Amortization Bonds Payable, Net $ 43,838 x 1,260 XS 1,092 x $ 168 x 43.506 x 1.250 x 1,083 x 177 x 43,157 x 1,260 X 1,074 X 186 X 42,790 X 1,260 X 1,065 X 195 X x 42.405 x 1,260 x 1,055 x 205 X 42.000 x 42,000 XS 0X $ 1,838 x