Part 2: Solve the following problems in the space provided or an attached extra page. You may use a calculator or computer, but no cell phones. On May 1, 20xl Ben Corp. issue $110,000 of 8-year term bonds which were dated May 1, 20x1. The bonds pay interest semi-annually. The stated interest rate was 7% annually, and the bonds were issued to yield 6% annually. Required: 1.) Show that the semi-annual payment is $3,850. 2.) Show that the issue price of the bonds is $116,890. Use the present value tables distributed in class. 3.) Using the $116,890 value prepare an amortization schedule for the bonds through November 1, 20x3. 4.) Prepare journal entries for the bonds for May 1, 20x1, November 1, 20x1, December 31, 20x1, and May 1, 20x2. 5.) Prepare entries to retire the bonds on July 1, 20x3 at 103 plus accrued interest.