*PLEASE SHOW ALL FORMULAS AND EQUATIONS USED IN EXCEL* Thanks!!!

5 6 7 8 9 10 11 2 13 14 15 16 Bond'Problem (Note: Calculations with financial calculators or tables might result in slightly different values due to roundina 1 Instructions: Please use the following excel spreadsheet to completed the questions below. All items in yellow will need to be completed. Where appropriate, use formula functions in excel. Round to the nearest dollar. On February 1, 2021, Cromley Motor Products issued 9% bonds, dated February 1, with a face amount of $80 million. The bonds mature on Januray 31, 2025 (4 years). The market yield for bonds of similar risk and maturity is 10%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $80,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31 The completed excel file should be emailed to heh@easternct.edu no later than December 2nd, 11:59pm. Principal = ######### stated rate = 4.50% market rate= 5%. N= 8 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 10 1. Determine the price of the bonds issued on February 1, 2021. Present value of Principal Present value of interest payable semiannually Cash proceeds from issuance of bonds "Use the "PV" function in Excel "Use the "PV"funotion in Excel 2. Prepare amortization schedules that indicate Cromley's effective interest expense. The template ha been started for you below. Cash Payment Cromley Effective Interest Increase Outstandin q Balance 11 +2 43 44 45 76 47 18 19 1 2 3 4 5 6 7 8 3. Prepare the journal entries to record the issuance of the bonds by Cromley. Feb. 1.2021 Cash Discount on bonds payable Bonds payable 4. Prepare the journal entries by Cromley to record all subsequent events related to the bonds through January 31, 2023. Where appropriate, use formulas and link to the amortization table in (2). Jul 31, 21 Interest expense Discount on bonds payable Cash Dec 31, 21 Interest expense Discount on bonds payable Interest payable 51 52 3 54 55 56 07 58 59 30 51 2 53 54 85 56 57 38 59 70 71 72 73 74 75 76 77 78 79 30 31 32 33 34 35 36 37 38 39 30 31 Jan 31,22 Interest expense Interest payable Discount on bonds payable Cash Jul 31, 22 Interest expense Discount on bonds payable | Cash Dec 31, 22 Interest expense Discount on bonds payable Interest payable Jan 31, 23 Interest expense Interest payable Discount on bonds payable | Cash