7) Ambassador Drake Ltd. (ADL) issued $2,000,000, four-year, 8% bonds on November 1, 2021. Interest is paid on April 30 and October 31. The market rate of interest is currently 10%. The company has a December 31 year end. Required (22 marks): a) Based on a market rate of interest of 10%, what dollar amount would the general public pay for ADL's bonds? b) Are the bonds issued at premium or a discount? Why? c) What is the amount of the premium or discount the bonds are issued at? d) What is the coupon rate of interest? e) What is the effective rate of interest? f) Prepare the journal entry to record the sale of the bonds. g) Prepare a bond amortization schedule for the entire life of the bond assuming that ADL uses the straight-line method to amortize bond discount or premium