Exercise 189 a1-a5 On December 31, 2020, Lipton, Inc. sold $3,000,000 (face value) of bonds. The bonds are dated December 31, 2020, pay interest annually on December 31, and will mature on December 31, 2020. The following schedule was prepared by the accountant for 2020 Annual Interest to Interest Unamortized Bond Interest Period be Paid Expense Amortization Amount Carrying Value $2,925,000 2,048,250 $75,000 51,750 240,000 263,250 $23,250 On the basis of the above information, answer the following questions. What is the stated interest rate for this bond issue? Stated interest rate LIST OF ACCOUNTS What is the market interest rate for this bond issue? Market interest rate What was the selling price of the bonds as a percentage of the face value? (Round answer to I decimal place, e.g. 52.7.) Selling price Prepare the journal entry to record the sale of the bond issue on December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titdles and Explanation Debit Credit Dec. 31, 2020 LIST OF ACCOUNTS Prepare the ournal entry to record the payment o interest and amortization o discount on December 31, 2021 Credit account titles are automatically idented when the amount is entered. Do t indent manually. Date Account Titles and Explanation Debit Credit Der. 31, 2021