Hello, you solved this bottom questions for me and it was very helpful. However, there was one more question (c) that unsolved. Could you please help me solve the question. Thank you. I only need (c) solved.

5. The Companys Long-Term Debt footnote (not attached) includes the following information:

In the 2013 third quarter, we issued $350 million aggregate principal amount of 3.4 percent Series M Notes due 2020 (the "Series M Notes"). We received net proceeds of approximately $345 million from the offering, after deducting the underwriting discount and estimated expenses. We pay interest on the Series M Notes on April 15 and October 15 of each year, commencing on April 15, 2014.

These Series M Notes are described as: Series M Notes, interest rate of 3.4%, face amount of $350, maturing October 15, 2020 (effective interest rate of 3.6%)

(a) What journal entry would have been recorded in the third quarter of 2013 to record the issuance of the Series M Notes?

(b) Record the interest payment and interest expense on April 15 and October 15, 2014. Assume the effective interest method, and record your responses to the nearest thousand dollars.

April 15:

October 15:

(c) Assume that, at the end of 2014, the prevailing market rate for interest obligations similar to these notes was 4.0%. What would be the approximate net carrying or book value of the notes at the year end? Explain