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:

Semi Annual Interest Period, Interest payment, Interest expense, Amortization, Bond Amortized Cost

Jan1,2023 ------- --------- ------- (1)

July 1,2023 $75,000 (2) $10,095 3,235,177

Jan 1,2024 (3) 64,704 10,296 3,224,881

July 1,2024 75,000 64,498 10,502 3,214,379

Jan 1,2024 75,000 64,288 (4) (5)

July 1,2024 75,000 64,073 10,927 3,192,740

Jan 1,2025 75,000 63,855 11,145 3,181,595

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

Were the bonds issued at a discount or premium?How do you know?

What is the face value of the bonds?

What is the contractual rate of interest?

Calculate the missing amounts for items [1] through [5] in the amortization table

What was the market interest rate when the bonds were issued?

Prepare the journal entry to record the issue the bonds on January 1, 2023Prepare the journal entry to record the first interest payment on July 1, 2023

Prepare the journal entry to record the accrual of interest on December 31, 2023

What amounts would be reported as current and as noncurrent liabilities on Manson's December 31, 2023 balance sheet?