Elizabeth WestbRcck Problem 5: (10 Points) The December 31, 2030, balance sheet of Ming Inc. included 12% bonds with a face amount of $100 million. The bonds were issued in 2018 and have a remaining discount of $3,400,000 at December 31, 2030. On January 1, 2021, Ming called the bonds at a price of 102. Required: Prepare the journal entry by Ming to record the retirement of the bonds on January 1, 2031. Problem 6: (10 Points) Distinguish between: (a) Convertible and callable bonds. (b) Serial and term bonds Problem 7: (10 Points) What is meant by the "market rate" of interest, the "effective rate" of interest, and the "yield rate" of interest? Problem 8: (10 Points) Jupiter Bank decides to invest in trading securities in order to take advantage of short term gains. The bank purchased the following securities for the year 2017. Jan. 15, 2017 Purchased 1,000 shares of Corbin Company common stock for $89 per share May 23, 2017 Purchased 1500 shares of Petro Company common stock for $75 per share At the end of 2017 Corbin Company's common stock was trading on the market at $93 per share, and Petro's common stock had a market price of $70 per share. Required: Prepare journal entries to record the preceding information. What is the unrealized holding gain or loss and where is it reported on the 2017 financial statements