(For 13, 14 and 15) On January 1, assume that ABX Company issues $1,000,000 of 7-year, 6% bonds, the yield to matu 4.5%, and the interest is payable annually on December 31. 13. Find the interest expense in the fourth vear. Use the effective interest rat method for amortization. 14. Find the carrving amount of the bond at the end of the fourth vear. Use the effective interest method for amortization. 15. At the beginning of the fifth year, the market yield to maturity is 55%. ABX Company decid extinguish the bonds by paying the market price. Determine the amount of the gain or loss on t extinguishment. (Clearly indicate gain or loss and the amount.)