A B 5 6 7 8 00 Question 3-Bonds Payable 9 (Value - 20 points) Scotia Inc. issued $1,000,000, 7%, 10-year bonds on December 31, 2020. Interest is payable semiannually on June 30 and December 31. Assume three different scenarios for the market rate of interest on the issue date of the bonds: i 8%. 6% 7% 10 11 12 13 14 15 16 919 17 18 19 Required: For each market interest rate: a) Calculate the issue price for the bonds for each scenario listed below; and a) Prepare journal entries for the issuance of the bonds, the first interest payment and the retirement of the bonds for each market rate above. You may use the interest tables from your accounting book or the functions in MS-Excel 20 21 22 23 24 25 26 27 222 C