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In: AccountingWhen Patey Pontoons issued 4% bonds on January 1, 2021, with aface amount of $580,000,...When Patey Pontoons issued 4% bonds on January 1, 2021, with aface amount of $580,000, the market yield for bonds of similar riskand maturity was 5%. The bonds mature December 31, 2024 (4 years).Interest is paid semiannually on June 30 and December 31. (FV of$1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)(Use appropriate factor(s) from the tablesprovided.)Required:1. Determine the price of the bonds at January 1,2021.2. Prepare the journal entry to record theirissuance by Patey on January 1, 2021.3. Prepare an amortization schedule thatdetermines interest at the effective rate each period.4. Prepare the journal entry to record interest onJune 30, 2021.5. What is the amount related to the bonds thatPatey will report in its balance sheet at December 31, 2021?6. What is the amount related to the bonds thatPatey will report in its income statement for the year endedDecember 31, 2021? (Ignore income taxes.)7. Prepare the appropriate journal entries atmaturity on December 31, 2024.