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Vanguard Corporation issued $6,000,000 of 12% bonds on January 1,2023 , due on January 1,2037 . The interest is to be paid twice a year on January 1 and July 1 . The bonds were sold to yield 7% effective annual interest. Grove Corporation closes its books annually on December 31 Instructions (a) Calculate the issuing price of the bonds (show your work). (b) Prepare the journal entries for the second year (January 1, 2024 - January 1, 2025) using the effective-interest method. (c) Compute the interest expense to be reported in the income statement for the year ended, December 31,2024