Discount Amortization Schedule and Retirement Before maturity, Foster Incorporated sold 5500.000 of 12% bonds onJanuary 1. 2013. for $470,143.47, a price that yields a 14% interest rate. The bonds pay interest semiannually on June 30and December 31 and are due December 31. 2016. Foster uses the effective interest method. Required:1. Prepare an interest expense and discount amortization schedule.2 Assume the company reacquired the bonds on July 1, 2015, at 104. Prepare journal entries to record the bondretirement.