P15-5A (LO 2, 3, 4) AP On May 1, 2021, MEM Corp. issued $900,000 of 5-year, 7% bonds at 98. The bonds pay interest annually on May 1. MEM's year end is April 30. Calculate effective rate using Excel or a financial calculator and record bond transactions. Instructions a. Record the issue of the bonds on May 1, 2021. b. Calculate the effective rate of the bonds using Excel or a financial calculator. c. Prepare an effective interest amortization table for this bond. d. Record the accrual of interest at April 30, 2022. e. Record the interest payment on May 1, 2022. f. Assuming instead that MEM has a December 31, 2021, year end, prepare the adjusting entry relating to these bonds and the subsequent interest payment on May 1, 2022. g. Assume that on May 1, 2022, after payment of the interest, MEM redeems all of the bonds at 104. Record the redemption of the bonds. Taking It Further Why would MEM elect to redeem the bonds early