Essex Corporation has been growing for the past several years and needs to raise $10,000,000 for a new factory and warehouse to satisfy increased customer demand. They have been working with an investment banker to issue a $10,000,000 bond issue. The investment bank has recommended issuing 8% bonds on January 1, 2019 that have a 20 year maturity date and pays interest each June 30^th and December 31^st. The current market rate for bonds of similar risk is 7.5%. How much cash will Essex raise from the bond issue? Prepare a full 20 year (40 period) amortization schedule (effective interest method) using Excel. Prepare the journal entries for January 1, 2019, June 30, 2019, and December 31, 2019.