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Question 1 On May 1, 2021, Andromeda Corporation issued 7% bonds with a face value of $1,000,000. The bonds were dated May 1, 2021. These bonds mature in four years, and interest is paid semiannually on May 1 and November 1. The market interest rate at the time of issuance is 10%.. Andromeda uses effective interest method for discount/premium amortization. [Round amounts to the nearest dollar). Required: 1. What is the value (selling price) of the bonds? Show your calculation in detail. [10 points) 2. Prepare the journal entries for the following dates: 5/1/2021[issuance), 11/1/2021[first interest payment date), 12/31/2021[year-end adjustment). Use the effective interest rate method for discount/premium amortization. (Hint: Prepare the amortization schedule ) [15 points) Date Cash Interest Interest Expense Amortization Carrying Value May 1, 2021 Nov 1, 2021 May 1, 2022 5/1/2021: 11/1/2021: 12/31/2021