In the following two independent cases, the company closes its books co December 31: 1. Armstrong Inc sells $2,00 million of 10% bonds on March 1, 2023. The bonds pay interest on September 1 and March 1. The bonds' due date is September 1,2026. The bonds yield 12%. 2. Ouelette Ltd. sells $6.00 million of 11% bonds on June 1.2023. The bonds pay interest on December 1 and June 1. The bonds' due date is June 1. 2027. The bonds yield 10x. On October 1,2024, Oulette buys back $1.20 million worth of bonds for $1.40 million, including acerued interest. Click here to view the factor table PRESENT VALUI OF 1. click here to view the factor table PRESENT VALUE OF AN ANNUITYOF 1. Prepare allot the relevant journal entries from the time of sale unth the date indicated. For situation 1, prepare the journal entries through December 31,2024 . Assume that no reversing entries were made Use the amounts arrived at from using (1) (actor tables, (2) a financial calculator, or (3) Excel function PV from the time of sale until the date indicated. Use the effective interest method for discount and premium amortization. (Hint: Refer to Chapter 3 for tips on calculating) (Round present value foctor calculations to 5 decimal ploces, eg. 1.25124 and final answer to 0 decimal places eg 58,971 . Creat actount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O far the ameunts. Recond joumal entries in the order presented in the problem. List all debit entries before credit entries.)