I Question 3: (20 points) On January 1, 2023, Manson Corporation issued $3-million 10-year bonds. The bonds pay semi-annual interest on July 1 and January 1, and Manson has a December 31, year-end. Presented below is a partial amortization table: Interest payment Interest expense Bond Amortized Cost Amortization Semi Annual Interest Period Jan 1, 2023 July 1, 2023 Jan 1, 2024 July 1, 2024 Jan 1, 2024 July 1, 2024 Jan 1, 2025 $75,000 [3] 75,000 75,000 75,000 75,000 [21 64,704 64,498 64,288 64,073 63,855 $10,095 10,296 10,502 [4] 10.927 11,145 3,235, 177 3,224,881 3,214,379 [5] 3,192,740 3,181,595 Required: Set up a table in MS Excel with all relevant information. Use the table to answer the following questions in MS Excel. Use Excel formulas to support your calculation whenever possible a. Were the bonds issued at a discount or premium? How do you know? b. What is the face value of the bonds? c. What is the contractual rate of interest? d. Calculate the missing amounts for items (1) through [5] in the amortization table e. What was the market interest rate when the bonds were issued? f. Prepare the journal entry to record the issue the bonds on January 1, 2023 g. Prepare the journal entry to record the first interest payment on July 1, 2023 h. Prepare the journal entry to record the accrual of interest on December 31, 2023 1. What amounts would be reported as current and as noncurrent liabilities on Manson's December 31, 2023 balance sheet