A five-year bond was issued on January 1. 2014 by Xavier Corp. The bound has a face value of $1000 and a stated (coupons) interest rate of 5%. Payments are made annually to the on December 31 beginning in 2014. The annual market (effective) interest rate at the time of the issuance was 8%. Assume that the company uses the effective-interest amortization method. Record the journal entries for the interest expense for 2014 and 2015. Round to the nearest dollar. Make sure to clearly label your debits and credits and include the classification of each account. Suppose Xavier Corp. buys back the bond on the open market on January 1, 2016 and retires it. The market (effective) interest rate is 12% on January 1, 2016. Record the journal entry for this transaction. Round to the nearest dollar. Make sure clearly label your debits credits and include the classification of each account. Instead of using the effective-interest amortization method. suppose that Xavier Corp. uses the straight-line amortization method. The market rate at the time of issuance continues to be 8% and the stated coupon rate continues to be 5%. Record the journal entries for the interest expense for 2014 and 2015. Round to the nearest dollar. Make sure to clearly label your debits and credits and include the classification of each account