On May 1, 2021, Ligertwood Co. issued P5,000,000, 10%, three-year bonds to yield 8%. The bonds pay interest every October 31 and April 30. 1. Determine the issuance price of the bonds. 2. Prepare an amortization of the bonds. 3. Compute for the interest expense recognized by Ligertwood in 2021, 2022, 2023 and 2024. 4. Prepare the journal entry to recognize the accrual of interest on December 31, 2021, and the payment of interest on April 30, 2022. 5. Determine the carrying amount of the bonds at the end of each year from 2021 to 2023