On August 1, 2018, Strouse Products issued 996 bonds, dated August 1, with a face amount of $175 million. The bonds mature on July 31 12 2023 (5 years). The market yield for bonds of similar risk and maturity was the rate calculated above 13 14 Required: 1. Determine the price of the bonds issued on August 1, 2018 using Excel. Remember that the bonds pay semiannual 15 interest. 16 2. Prepare an amortization schedule that calculates Strouse's interest expense using the effective interest method 17 3. Prepare the journal entries to record the issuance of the bonds by Strouse on August 1, 2018 4. Prepare journal entries to show the accrual of interest at year end, the payment of semi-annual interest, and the 18 retirement of the bonds 19 20 Requirement 1: 21 Strouse Products 23 Stated rate of interest (annual) 24 Market rate of interest (annual) 25 26 27 Principal 28 29 30 31 Requirement 2: 996 10.60% Interest THESE CELLS SHOULD CONTAIN FORMULAS Present value (price) of the bonds