Name CH14 Graded Written Homework PROBLEM 1 On January 1, 2019 the first day of its fiscal year, Monitors Corporation issued $405.000 of nine-year, 6% bonds when the market rate was 5%, with interest payable semiannually, on June 30 and December 31. The company uses the effective interest rate method to amortize bond discounts and premiums. Calculate the proceeds from the sale of the bonds (selling price) and write your answer on the line provided. Use the present value tables provided in class (also posted in our course D2L shell with the CH14 materials) to make the calculation. (Use the numbers exactly as they appear in the table.) Round to the nearest whole dollar when necessary. You must show your work for any credit to be awarded. Prepare all required journal entries for 2019. How much cash will the company pay to the bond holders during 2019 You must show your work in the space provided below for any credit to be awarded How much interest expense will the company recognize for 2019 You must show your work in the space provided below for any credit to be wwarded At what rate of interest is Monitors Corporation borrowing this money? Justify your answer: How much interest expense will the company recognize over the life of the bond? You must show your work in the space provided below for any credit to be awarded. Discuss when an adjusting journal entry is required with respect to bonds payable