On 1/1/2011, Shamrock Corporation issued a 10-year $2,950,000 bond with stated interest rate of 8%. Interests were payable annually on 12/31. The bond was issued for $3,157,196 cash. Shamrock use the effective interest method to amortize any bond discount/premium using. Required: (1)What is the market interest rate for the bond? (2 points) (2)Prepare journal entries on 1/1/2011 and 12/31/2011 for Shamrock. (2 points) (3)After paying interests due on 12/31/2015, Shamrock recalled 70% of the bond at 101. Call expenses totaled $5,500. Prepare journal entries for the interest payment and retirement of the bond on 12/31/2015. (3 points) (4)Assume that everything else is the same except that Shamrock amortizes any bond discount/premium using the straight-line method. Re-do Item (3) above (3 points).