I need the solution to P9-71A from The book Financial Accounting 10th Edition On 12/31/2014, Herndon Corp issues 5 1/2 %, 10 year convertible bonds payable with a maturity value of $4,000,000. The semi-annual interest dates are Jun 30th and Dec. 31st. The market interest rate is 6%. Herndon Corp. amortized bond discount by the effective interest method. 1. Use the PV function in Excel to calculate the issue price of the bonds 2. Using Exhibit 9-4 of the bond discount as a model, prepare an effective-interest method amortization table for the term of the bonds. 3. Journalize the following transactions: a. Issuance of the bonds on Dec 31, 2014 Credit Convertible Bonds Payable b. Payment of interest and amortization of the bond discount on June30, 2015 c. Payment of the interest and amortization of the bond discount on Dec31, 2015 d. Conversion by the bondholders on July 1, 2016 of the bonds with face value of $1,600,000 into 120,000 shares of the Herndon corps $1-par common stock I need the solution to P9-71A from The book Financial Accounting 10th Edition On 12/31/2014, Herndon Corp issues 5 1/2 %, 10 year convertible bonds payable with a maturity value of $4,000,000. The semi-annual interest dates are Jun 30th and Dec. 31st. The market interest rate is 6%. Herndon Corp. amortized bond discount by the effective interest method. 1. Use the PV function in Excel to calculate the issue price of the bonds 2. Using Exhibit 9-4 of the bond discount as a model, prepare an effective-interest method amortization table for the term of the bonds. 3. Journalize the following transactions: a. Issuance of the bonds on Dec 31, 2014 Credit Convertible Bonds Payable b. Payment of interest and amortization of the bond discount on June30, 2015 c. Payment of the interest and amortization of the bond discount on Dec31, 2015 d. Conversion by the bondholders on July 1, 2016 of the bonds with face value of $1,600,000 into 120,000 shares of the Herndon corps $1-par common stock 4. Show how H. Corp would report the remaining bonds payable on its balance sheet at Dec 31, 2016