chegg on july 1 of year 1, west company purchased for cash, 22, $10,000 bonds of north corporation at a market rate of 6%. the bonds pay 5% interest, payable on a semiannual basis each july 1 and january 1, and mature in three years on july 1. the bonds are classified as trading securities. west company's annual reporting period ends december 31. assume the effective interest method of amortization of any discounts or premiums. note: when answering the following questions, round answers to the nearest whole dollar. amortization schedule journal entries in year 1 journal entries in year 2 a. prepare a bond amortization schedule for the life of the bonds using the effective interest method. date stated market discount bond interest interest amortization amortized cost jul. 1, year 1 answer 214,045 jan. 1, year 2 answer 5,500 answer 6,600 answer 1,100 answer 214,045 jul. 1, year 2 answer 5,500 answer 6,630 answer 1,130 answer 222,130 jan. 1, year 3 answer 5,500 answer 6,664 answer 1,164 answer 223,294 jul. 1, year 3 answer 5,500 answer 6,699 answer 1,199 answer 224,493 jan. 1, year 4 answer 5,500 answer 6,735 answer 1,235 answer 225,728 jul. 1, year 4 answer 5,500 answer 6,772 answer 1,272 answer 227,000