Answer the following questions below: The following transactions were completed by Jet Inc., whose fiscal year ends December 31: Year 2014: On July 1: Issued $55,000,000 of 10-year, 9% bonds dated July 1, 2014, at a market rate of 7%, receiving cash of S62,817,040. Semiannual interest is payable on December 31 and June 30. Jet, Inc. amortizes any discount or premium using the straight-line method. On Oct 1: Borrowed $450,000 by issuing a six-year, 8% installment note to GLENN Bank. The note requires annual principal payments of $75,000, and interest payments based on the outstanding balance. The first payment is scheduled for September 30, 2015. On Dec 31: Paid the semiannual interest on the bonds. Amortized any premium/discount on the bond. Accrued interest on the GLENN Bank note. Year 2015: On Jun 30: Paid the semiannual interest on the bonds. Amortized any premium/discount on the bond. On Sep 30: Paid the annual principal and interest payment on the note. On Dec 31: Paid the semiannual interest on the bonds. Amortized any premium/discount on the bond. Accrued interest on the GLENN Bank note. (1) Prepare the journal entries to record the transactions. (2) Show the liability section of the balance sheet as of December 31, 2014 and December 31, 2015. Show also the total current and noncurrent liabilities. (3) In the income statement, how much interest expense should be reflected for the years ended Dec311, 2014 and Dec31, 2015