East Liberty Corp. is a non-proft or ganization that needed to raise money to expand their services in the region. They received authorization on December 31, 2017, to issue $7,000,000 face value of 6% ten-year bonds. The mterest payment dates are June 30 and December 31 All the bonds were issued at par, plus accrued interest, April 1, 2018. The bonds are callable by East Liberty at any time at 102 Accounting Equation BALANCE SHEET INCOME STATEMENT Stockholders Assets Liabilities Equity RevenuesExpenses Net Income 12 REQUIRED: 13 1. Determine the impact on the accounting equation of the journal entry to record issuance of the bonds on April 1, 2018. 2. Determine the impact on the accounting equation of the journal entry to record the first semiannual interest payment on the bonds at June 30, 2017. 5 3. What is the amount of bond interest expense that appears on East Liberty's 2018 income statement relating to these bonds? 16 4. What is the amount of accrued bond interest expense that appears on East Liberty's balance sheet at December 31, 2018, with respect to these bonds? on East uberty's 2018 income statementrplatingtrswith respect to these bonds? 5. On July 1, 2020, East Liberty exercises the call provision and retires one-half of the bond issue. Determine the impact on the accounting equation of 17 this transaction