P14.11 On April 1, 2020, Taylor Corp. sold 12,000 of its $1,000 face value, 15-year, 11% bonds at 97. Interest payment dates are April 1 and October 1. The company follows ASPE and uses the straight-line method of bond discount amortization. On March 1, 2021, Taylor extinguished 3,000 of the bonds by issuing 100,000 shares. At this time, the accrued interest was paid in cash to the bondholders whose bonds were being extinguished. In a separate transaction on March 1, 2021, 120,000 of the company's shares sold for $31 per share.InstructionsPrepare Taylor Corp.'s journal entries to record the following:a. April 1, 2020: issuance of the bondsb. October 1, 2020: payment of the semi-annual interestc. December 31, 2020: accrual of the interest expensed. March 1, 2021: extinguishment of 3,000 bonds by the issuance of common shares (no reversing entries are made)

P14.12 Refer to P14.11 and Taylor Corp.InstructionsRepeat the instructions of P14.11 assuming that Taylor Corp. uses the effective interest method. Provide an effective interest table for the bonds for two interest payment periods. (Hint: Using (1) a financial calculator or (2) Excel function Rate, you need to first calculate the effective interest rate on the bonds. Refer to Chapter 3 for tips on calculating.) Round the semi-annual interest percentage to four decimal places and amounts for the entries to the nearest cent.

PLEASE SLOVE FOR THE P14.12 NOT FOR P14.11 I HAVE BOLD THE PART FOR YOU.