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ANSWER ALL PLEASE On January 1, 2018 ABC Corporation issued a five-year $1,200,000,7%, at $1,250,000. Interest is paid annually on December 31. The market rate

image text in transcribedANSWER ALL PLEASE
On January 1, 2018 ABC Corporation issued a five-year $1,200,000,7%, at $1,250,000. Interest is paid annually on December 31. The market rate of interest is 6%. Required a) Using the effective interest rate method, what is the interest expense at December 31, 2018? Interest Expense at December 31,2018 - $ b) What is the carrying value of the bond at December 31, 2018? Carrying value of bond on December 31, 2018 = $ c) What is the carrying value of the bond at January 1, 2023? Carrying value of the bond at January 1, 2023 =$

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